IGI Logo

Technical Outlook

Equity benchmarks endured it's winning streak over sixth consecutive session and clocked a fresh all time high of 18678. The Nifty settled Tuesday's session at 18618, up 55 points up or 0.3%. In the coming session, index is likely open on a flat note tracking muted global cues. We expect index to trade with a positive bias wherein stock specific action would prevail. Thus, intraday dip towards 18680-18712 should be used to create intraday long positions for target of 18796

Going ahead, we reiterate our positive stance and expect Nifty to head towards 18900 in coming month. In the process, we expect midcaps to relatively outperform as it approaches maturity of price/time wise correction. Thus, any dip from here on should be capitalised on as incremental buying opportunity as we do not expect index to breach the key support of 18100 amid global volatility.

Midcap and small cap indices have approached maturity of price/time maturity of correction after 12 weeks consolidation wherein it merely retraced 38%. Shallow retracement indicates inherent strength that augurs well for extension of next leg of up move

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