Equity benchmarks extended losses over second consecutive session, tracking mixed global cues - ICICI Direct
Technical Outlook
Equity benchmarks extended losses over second consecutive session, tracking mixed global cues. The Nifty ended Wednesday’s session at 17899, down 100 points or 0.6%. In the coming session, the index is likely to open on a subdued note tracking weak global cues. We expect, index to prolong the consolidation amid stock specific action. Hence, use pull back towards 17950-17980 for creating short position for target of 17863.
Over past twelve sessions, the index has been consolidating in a range of 18200- 17700. We believe, ongoing consolidation amid stock specific action would make market healthy and help weekly Stochastic oscillator to cool off the overbought conditions (currently placed at 36). The lack of faster retracement on either side indicates extended consolidation which would offer incremental buying opportunity as index approaches price/time wise maturity of correction. We expect index to hold 17500 and eventually challenge upper band of consolidation at 18200. Hence, dips should be capitalised on to accumulate quality stocks across large and midcaps segments.
Nifty Daily Chart
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