Equity benchmarks extended correction over second consecutive week amid subdued global cues weighed by rising bond yields - ICICI Direct
Technical Outlook
Equity benchmarks extended correction over second consecutive week amid subdued global cues weighed by rising bond yields. The Nifty ended the week at 14529, down 3%. In the coming session, Nifty future is likely to witness gap up opening tracking firm Asian cues. We expect, index to trade with a positive bias after bouncing from oversold territory. Hence, use intraday dip towards 14635- 14660 to create long position for target of 14747.
Going ahead, we believe extended correction from here on would offer an incremental buying opportunity as we do not expect the index to breach the key support threshold of 14300. Hence, any dip from here on should not be construed as negative. Instead it should be capitalised on to accumulate quality large cap stocks as we expect index to consolidate in the broad range of 14900-14300 wherein broader market would continue to outperform. Sectorally, we expect PSU, Metal, Capital goods and Infra to outperform.
Nifty Daily Chart
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