IGI Logo

Technical Outlook

Equity benchmarks concluded the CY21 on buoyant note tracking positive global cues. The Nifty ended the week at 17354, up 2%. In the coming session, the index is likely to open on a flat note amid muted global cues. We expect index to consolidate amid stock specific action. Hence use intraday dip towards 17345-17372 for creating long position for target of 17459

The improving market breadth supported by multi sector participation makes us believe index would extend ongoing up move towards 17600 levels in coming weeks. In the process, bouts of volatility cannot be ruled out. However, any dip from hereon should not be construed as negative instead capitalise it as incremental buying opportunity as we expect strong buying demand exists around 17000- 16800 zone. Our earmarked target of 17600 is based on following observations: a) price parity of last weeks up move (16410-17155), projected from current week’s low of 16833, is placed at 17605 B) December 2021 high is placed at 17639

Nifty Weekly 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