IGI Logo

Technical Outlook

Equity benchmarks extended breather over second consecutive session and settled on a flat note at 18701. In the coming session, index is likely open on a negative note tracking subdued global cues. Post initial decline we expect supportive efforts to emerge from lower levels. Thus, intraday dip towards 18680-18712 should be used to create intraday long positions for target of 18797

Going ahead, we maintain our positive stance and expect Nifty to gradually head towards 19400 in coming weeks. However, the move towards 19400 would be in a nonlinear manner as bouts of volatility amid global development cannot be ruled out wherein we expect broader market to relatively outperform as it is resolving out of three months higher base formation. Thus, dips should be capitalised on as incremental buying opportunity as we expect any temporary breather to get anchored around key support of 18300.The Nifty midcap index endured its upward momentum and closed at 12 months high. We expect, it to resolve higher and challenge all time high while small cap to accelerate catch up activity in coming weeks

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