IGI Logo

Technical Outlook

Equity benchmarks extended winning streak over third consecutive session backed by firm global cues. The Nifty gained 203 points or 1.2% to shut shop Wednesday’s session at 17780. In the coming session, index is likely to open on a flat note amid muted global cues. We expect, the index to endure its upward momentum amid elevated volatility owing to weekly derivative expiry. Hence use intraday dip towards 17712-17740 for creating long position for target of 17829

Going ahead, we reiterate our constructive stance and expect Nifty to head towards 17900 in coming sessions as it is 80% retracement of last corrective phase (18350-16836). Meanwhile, any temporary cool off from hereon post 950 points rally (seen over past five sessions) should not be construed as negative. Instead dips should be capitalised on to accumulate quality stocks. Key point to highlight is that, the Bank Nifty has resolved out of three weeks consolidation (38850- 36375), indicating rejuvenation of up trend. We believe, revived traction in banking stocks would drive Nifty higher as Banking

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