IGI Logo

Technical Outlook

Equity benchmarks extended winning streak over fifth consecutive session. The Nifty settled Wednesday’s session at 18162, up 170 points or 0.9%. In the coming session, index is likely to open on a positive note amid firm global cues. We expect Nifty to maintain a higher high-low formation amid weekly expiry induced volatility. Hence, use intraday dips towards 18190-18220 for creating long position for target of 18307

The index has logged a resolute breakout from past three weeks consolidation (18000- 17400) indicating acceleration of upward momentum that makes us confident to revise our target to 18600 levels. We believe the multi sector participation signifies broader market strength wherein we believe the rejuvenated traction in Banking, IT and Metal sector would lead the rally towards 18600 as it is: A) Since April 2020, the index followed a rhythm wherein magnitude of each major rally has been at least 32%. Current rally since April 2021 lows of 14151, so far has gained 28% B) The target implication of past three weeks consolidation (18000-17400) is placed at 18600

Nifty Daily Chart

To Read Complete Report & Disclaimer Click Here

https://secure.icicidirect.com/Content/StaticData/Disclaimer.html

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer