IGI Logo

Technical Outlook

Equity benchmarks extended gains over second consecutive session amid buoyant global cues. The Nifty ended Tuesday’s session at 14648, up 367 points or 2.6%. In the coming session, we expect Nifty to endure its upward momentum by challenging the life highs of 14753. Hence, use intraday dip towards 14685-14705 for creating long position in the January future for the target of 14793

The index has almost retraced past six sessions decline (14753-13597) in just two sessions. Faster pace of retracement helped index to decisively close above 14500 mark, indicating robust price structure that makes us confident to believe that life high will be challenged going ahead, leading Nifty to head towards our revised target of 15000 mark in coming weeks.

We believe, revived traction in cyclicals would drive Nifty towards 15000. Structurally, the formation of higher peak and trough on the larger degree chart makes us confident to revise the support base for Nifty upward at 14200

Nifty Daily 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