Equity benchmarks extended losses on third session in a row tracking week global cues - ICICI Direct
Technical Outlook
Equity benchmarks extended losses on third session in a row tracking week global cues. Nifty settled Monday’s session at 17154 levels down 259 points or 1.5%. In the coming session, index is likely to open on a flat note tracking muted global cues. However, breach of immediate support of 17200 signifies extended correction. Hence, use intraday pullback towards 17285-17317 to create intraday short positions for target of 17196 with a stoploss of 17354
Contrary to our view, Nifty settled below immediate support of 17200, indicating extended correction amid ongoing global uncertainties. Going ahead, for a meaningful pullback to materialize, index need to decisively close above 200 days EMA placed around 17600. Failure to do so would lead to prolongation of corrective bias towards key support zone of 16800. In the process, weekly stochastic oscillator has approached oversold territory (currently placed at 20) ahead of US CPI data.
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