Equity benchmarks extended gains over second consecutive session tracking firm global cues - ICICI Direct
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Technical Outlook
Equity benchmarks extended gains over second consecutive session tracking firm global cues. The Nifty concluded weekly expiry session at 17393, up 256 points or 1.5%. In the coming session, index is likely to witness gap down opening tracking weak global cues. We expect, 17500 to act as stiff resistance in the coming sessions. Hence, use pullback towards 17330-17366 for creating short position for the target of 17243 Going ahead 17500 remains a crucial hurdle for Nifty. Meanwhile, a base formation in the 16800-17500 range with positive bias, is expected to continue amid stock specific action as markets price in Q4FY22 earnings. Thus, dips should be considered to accumulate quality companies in a staggered manner.
Structurally, the index has undergone healthy retracement as it rebounded after retracing 50% of the entire March 2022 up move coincided with 200 days EMA placed at 16850. The formation of higher trough on the weekly chart signifies elevated buying demand that makes us confident to revise support base at 16800.
Nifty Daily Chart
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