IGI Logo

Technical Outlook.

Equity benchmarks endured its northbound journey over a fifth consecutive session amid muted global cues. The Nifty ended the session at 17564, up 52 points or 0.3%. In the coming session, index is likely to open on a flat note tracking muted global cues. We expect index to trade with a positive bias amid elevated global volatility. Hence, use dips to create intraday long positions in the range 17468-17502 for target of 17587

Going ahead, we expect the index to trade with a positive bias and gradually head towards psychological mark of 18000 in coming weeks. However, bouts of volatility owing to overbought conditions on daily stochastic oscillator placed at 90 coupled with global uncertainty can not be ruled out. Hence, any breather from hereon should not be construed as negative. Instead, dips should be used as a buying opportunity amid progression of Q2FY23 earning season. India Vix which gauge the market sentiment continued to drift downward over fourth consecutive week. The India VIX has inverse co-relation with the benchmark. Hence, falling VIX bodes well for boosting market sentiment.

To Read Complete Report & Disclaimer Click Here

Please refer disclaimer at https://secure.icicidirect.com/Content/StaticData/Disclaimer.html
SEBI Registration number INZ000183631

Above views are of the author and not of the website kindly read disclaimer