IGI Logo

Technical Outlook

Equity benchmarks concluded the weekly derivative expiry session on a positive note amid elevated volatility. The Nifty settled Thursday’s session at 14874, up 55 points or 0.4%.

In the coming session, holding above weekly expiry low (spot-14821) would keep bias positive, else extended consolidation amid stock specific action. Hence use intraday dip towards 14875-14905 for creating long position for the target of 14990

The lack of faster retracement on either side signifies prolongation ongoing consolidation 14900-14400. We believe, sustainability above 14900 (on a closing basis) supported by participation from BFSI and Telecom heavyweights is necessary for an extended-up move.

The absence of such participation would lead to extended consolidation amid stock specific activity. Key point to highlight is that, Nifty midcap and small cap indices have approached in the vicinity of their 52 weeks high after maintaining the rhythm of not correcting for more than 9%-10% while sustaining above its 50 days EMA since June 2020, which evidently shows robust price structure.

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