IGI Logo

Technical Outlook

Equity benchmarks concluded a volatile week on a flat to negative note as index recouped most of intraweek losses and ended the week at 14856, down 0.5%. In the coming session, index is likely to open gap down tracking weak Asian cues. We expect the index after a negative opening will attempt a pullback holding above 15750- 15700 levels. Hence, use intraday dip towards 15730-15750 to create long for target of 15843

Key point to highlight during ongoing consolidation is that, over past four consecutive weeks index has managed to hold 15600 mark on multiple occasions, highlighting strong support base, which we do not foresee to breach. However, lack of faster retracement in either direction signal continuation of the current consolidation in the range of 15500-15950. Thus, dips from hereon should be capitalised on to accumulate quality stocks amid progression of Q1FY22 earning season

Nifty Daily Chart

To Read Complete Report & Disclaimer Click Here

https://secure.icicidirect.com/Content/StaticData/Disclaimer.html

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer