Equity benchmark snapped six sessions up move as Nifty settled the Wednesday`s session at 18090 - ICICI Direct
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Technical Outlook
Equity benchmark snapped six sessions up move as Nifty settled the Wednesday’s session at 18090, down 58 points or 0.3% ahead of US Fed meet. In the coming session, index is likely to open on a muted note tracking subdued global cues. After initial blip, we expect index to find support from 18050 mark and stage a rebound. Hence, use intraday dip in May future towards 18050- 18083 to create intraday long positions for target of 18164 with a stoploss of 18013.
The index has rallied 1350 points over past five weeks that hauled daily and weekly stochastic in overbought conditions (placed at 90 and 88, respectively), indicating possibility of couple of days breather amid Fed meet outcome can not be ruled out. However, any dip from hereon should not be construed as negative, instead capitalise it to accumulate quality stocks in a staggered manner as we expect index to gradually resolve higher and head towards 18300 in coming weeks.
The Nifty midcap and small cap indices endure its northbound journey while maintaining higher high-low formation, indicating continuance of positive momentum despite profit booking in the benchmark. We expect, catchup activity in midcap/small cap segment to continue in coming weeks
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