Equity benchmarks extended losses over third consecutive session, tracking weak Asian cues - ICICI Direct
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Technical Outlook
Equity benchmarks extended losses over third consecutive session, tracking weak Asian cues. The Nifty ended Thursday’s session at 17764, down 134 points or 0.75%. In the coming session, the index is likely to open on a flat to negative note tracking mixed global cues. We expect, buying demand to emerge around the 50 days EMA. Hence, use dips towards 17690-17715 for creating long position for target of 17805.Going forward, we expect Nifty to extend its ongoing consolidation amid lack of faster retracement on either side while holding its key support threshold of 17500 levels.
Stock specific outperformances will continue as markets are undergoing a healthy sectoral churn post Q2 earning. In past 18 months, Price-wise Nifty has maintained the rhythm of not correcting for more than 7-9% while holding its 50 days EMA & time-wise intermediate corrections have got arrested within four to five weeks, barring one instance. As index has already corrected 5.5% over past four weeks, we expect index to hold 17500.
Nifty Weekly Chart
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