Equity benchmarks extended correction over third consecutive session - ICICI Direct
Technical Outlook
Equity benchmarks extended correction over third consecutive session tracking subdued global cues ahead of US FOMC meet. The Nifty ended Tuesday’s session at 15732 down 42 points 0.3%. In the coming session, index is likely to open on a flat note tracking mixed global cues ahead of US FOMC meet. Index in the last two sessions is seen taking support around the March low (15671). Hence, use intraday dips towards 15672-15702 for creating long position for the target of 15789
The index has approached key support of 15700 (which has been held on multiple occasions over past three months) ahead of global event of US FOMC meet. Going ahead, holding 15700 post event of FOMC meet would keep pullback option open. Else, prolongation of corrective bias towards 15400 con not be ruled out. Further, for sentiment to revive, index needs to form higher high-low on weekly timeframe along with improvement in market breadth. On the upside, 16200 would act as key hurdle as it is Monday’s gap down area (16202-15878) coincided with 50% retracement of current decline.
Nifty Daily Chart
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