The Nifty concluded weekly expiry session at 16595, up 250 points or 1.5% - ICICI Direct
![](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2022/03/8ed90970ece90b20d7fa59d087b6ce13.jpg)
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
Technical Outlook
Equity benchmarks endured its winning streak over third consecutive session tracking firm global cues amid cool off in crude oil and VIX. Further, market sentiment boosted by the state election result. The Nifty concluded weekly expiry session at 16595, up 250 points or 1.5%. In the coming session, index is likely to open on a negative note tracking muted global cues. We believe, retracement of past three session sharp up move will make market healthy. Thus, after an initial blip we expect buying demand to emerge around intraday support of 16400. Hence, use dips towards 16430-16460 for creating long position for target of 16547
Going ahead, 16800 would be the key level to watch as a decisive close above 16800 would open the door for next leg of up move towards 17200 in coming weeks. Else couple of days breather cannot be ruled out after past three sessions ~1100 points sharp up move. Thus any dip from hereon should not be construed as negative. Instead it should be capitalized as buying opportunity.
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
![](https://portfolio.investmentguruindia.com/uploads/news/Axis Securities Ltd.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Indiateam57.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/munishakhatwal57.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/geojit Financial Services.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/tatapower57.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/MP Ahammed.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Fintech Pre-budget expectation.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/uttarpradesh57.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Budget_3.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Cyberpeace.jpg)
Tag News
![](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/09/c9081e7b22f028209f4e4f0589c3c0c9.jpg)
Stock Picks : TCS Ltd And Chambal Fertiliser Ltd By ICICI Direct
![MCX Silver is expected to rise back towards 72,500 level as long as it sustains above 71,500 level - ICICI Direct](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/09/8dae740ddf7179ae23407b7362e80348.jpg)
![Euro remained under pressure on Thursday amid weaker set of economic numbers from Euro zone - ICICI Direct](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/09/c49d5573f54fd1fe07309fbce5369a52.jpg)
![The index started the session on a muted note tracking subdued global cues - ICICI Direct](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/09/8f1a19117fbd648f8fd1a5bbf2afbebc.jpg)
More News
![](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2021/06/43ba6ce1553d4630554de288a012a7a3.jpg)
The daily price action formed an inside bar within previous session`s sizable bear candle (1...
![The uncertainty in the market continues with increasing risk By Dr. V K Vijayakumar, Geojit Financial](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2021/03/59bbd416629f05709451c8f85902cc77.jpg)
![Bank Nifty Futures saw minor short covering, where Open Interest fell by 0.19 % with Bank Nifty - HDFC Securities](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2022/05/d47bfdcd2d2b7d3345955aeb92868d19.jpg)
![Nifty opened with an upward gap but witnessed selling from the opening tick to end negative - Jainam Share Consultant](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2022/03/2f977238a7e9b0603dc564e0f228bfe6.jpg)