IGI Logo

Technical Outlook

Equity benchmarks edged lower as index extended breather over second consecutive sessions amid subdued Asian cues. The Nifty ended Tuesday’s session at 15748, down 66 points or 0.4%. The index has maintained the rhythm of not correcting for more than 2-3 consecutive sessions since mid- March 2021. In the current scenario index has already corrected over past two sessions. Therefore, we expect index to maintain the same rhythm of not correcting for more than 2-3 sessions. Hence, use intraday dip towards 15742-15765 to create long for target of 15855.

In the entire June month the index has oscillated in 15900-15500 range, highlighting time consolidation after eight weeks 12% rally. The ongoing healthy retracement helped index to form a higher base, highlighting robust price structure which makes us believe, Nifty would eventually resolve above the upper band of consolidation placed at 15900 and gradually head towards 16100 in coming weeks. In the process, any breather from here on should be capitalised as incremental buying opportunity in quality stocks.

Nifty Daily Chart

To Read Complete Report & Disclaimer Click Here

ttps://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