IGI Logo

Technical Outlook

Equity benchmarks endured its winning streak over fourth consecutive week as Nifty gained 2.5% to settle the week at 18256. In the coming session, the index is likely to open on a negative note tracking mixed global cues. We expect the index to hold Friday’s low (18146) and stage a pullback post initial blip. Hence use intraday dip towards 18188-18213 for creating long position for target of 18302

The elongation of rallies backed by multi sector participation and improving market breadth signifies inherent strength that makes us confident to reiterate our positive stance and expect Nifty to retest life time high of 18600 in the run up to Union Budget 2022. Therefore, any dip from hereon would offer an incremental buying opportunity as we do not expect Nifty to breach 17800 levels in coming weeks.

Key point to highlight on the broader market front is that, Nifty small cap index has witnessed a faster pace of retracement as it entirely retraced past 10 weeks corrective phase in just three weeks, indicating structural improvement.

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