Equity benchmarks extended breather over second consecutive session - ICICI Direct
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Technical Outlook
Equity benchmarks extended breather over second consecutive session and settled on a flat note at 15106, down 3 points. In the coming session, volatility would remain high owing to weekly derivative expiry sessions. However, we expect index to hold the Wednesday’s low (spot14977) and trade with a positive bias.
Hence, use intraday dips towards 14986-15012 to create fresh long position for the target of 15096. The formation of higher peak and trough on the larger degree chart signifies robust price structure that makes us confident to reiterate our positive stance on index and expect it to gradually head towards our earmarked target of 15500 in coming month.
We believe, the ongoing breather amid stock specific action would help index to cool off the overbought condition and make market healthy. The Nifty Midcap index clocked a fresh record high. However, small cap index is still ~20% away from its all-time high. Therefore, we expect small caps to witness catch up activity within broader market space
Nifty Daily Chart
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