Equity benchmarks entirely recouped last week’s losses and ended the week on a positive note at 15175 - ICICI Direct
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Technical Outlook
Equity benchmarks entirely recouped last week’s losses and ended the week on a positive note at 15175, up 3.4%. In the coming session, the index is likely to open on a subdued note tracking mixed global cues. We expect Nifty futures to trade with a positive bias while maintaining higher high-low formation. Hence, use intraday dip towards 15128- 15152 to create long for target of 15242.
In line with our view (discussed in the ‘Monthly Technical’ report) of Nifty heading towards 15400 in the month of May, index resolved out of past two months consolidation (14900-14400) and now expected to challenge the life highs of 15400 in the coming expiry week. The elongated-up moves followed by shallow price correction highlights robust price structure that makes us confident to revise our target to 15700 for the month of June 2021, as it is 123.6% external retracement of FebApril Correction (15432-14151). Therefore, any cool off from hereon should be capitalised as incremental buying opportunity in quality stocks.
Nifty Weekly Chart
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