IGI Logo

Technical Outlook

Equity benchmarks concluded the choppy session on a flat note amid muted Asian cues. The Nifty settled at 17214, down 20 points. In the coming session, the index is likely to open on a flat note amid mixed global cues. We expect volatility to remain high owing to monthly derivative expiry. Hence use intraday dip towards 17170-17200 for creating long position for target of 17283

Going ahead, we reiterate our positive stance and expect Nifty to gradually head towards 17600 in coming weeks. However, we believe the up move from hereon will not be in a linear manner as over past seven sessions, Nifty has retraced 61.8% of preceding six sessions decline (17640-16410), indicating lack of faster retracement on either side. Hence, any cool off from hereon should be capitalised on as incremental buying opportunity as we expect the Nifty to gradually head towards 17600 in coming weeks as it is upper band of downward sloping channel of entire decline since October 2021 coincided with high of 18604 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