Equity benchmarks extended losses over fourth consecutive session tracking mixed global cues - ICICI Direct
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Technical Outlook
Equity benchmarks extended losses over fourth consecutive session tracking mixed global cues. The Nifty ended the session at 16026, down 99 points or 0.6%. In the coming session, index is likely to open on a positive note tracking positive global cues. We expect index to trade with a positive bias amid elevated volatility owing to monthly derivative expiry. Hence, use intraday dip towards 15980-16012 for creating long position for the target of 16097
The index is undergoing a slower pace of retracement on a shorter time frame as over past three sessions it retraced 61.8% of Friday’s sharp up move. The slower pace of retracement signifies inherent strength. Meanwhile, Bank Nifty has merely retraced 38% of recent up move. Going ahead, revived traction in Bank Nifty would provide impetus for the Nifty to surpass the immediate hurdle of 16400 levels and pave the way towards 16800 in coming weeks. However, bouts of volatility would play a pivotal role amid ongoing global uncertainty that would lead to a nonlinear move towards 16800.
Nifty Daily Chart
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