IGI Logo

Technical Outlook

Equity benchmarks extended gains over a third consecutive session backed by buoyant global cues. The Nifty ended the session at 17072, up 117 points or 0.7%. In the coming session, the index is likely to open on a positive note tracking buoyant global cues. We expect index to endure its higher high-low formation. Hence use dip towards 17080-17108 for creating long position for target of 17197

The formation of higher high-low over third consecutive session after 1200 points decline signifies pause in downward momentum. We expect index to extend the ongoing pullback in tandem with global peers and gradually head towards 17200. In the process, stock specific action would prevail. Thus, any dip from here on should be capitalised to accumulate quality stocks in staggered manner. We believe, 17200 will be the key level to watch on the upside as it is confluence of: a) 61.8% retracement of last leg of decline (17640-16410), at 17170 b) 100 days EMA is placed at 17150

Nifty Weekly Chart

To Read Complete Report & Disclaimer Click Here

https://secure.icicidirect.com/Content/StaticData/Disclaimer.html

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer