IGI Logo

Technical Outlook

Equity benchmarks hovered within a whisker of all-time highs as lacklustre movement prevailed over second consecutive week. The index settled on a flat note as Nifty eased 0.2% to end the week at 15690. In coming session, the index is opening on a positive note tracking firm global cues. We expect it to trade with a positive bias. Hence, use intraday dip towards 15740-15765 to create long for target of 15849.

The Nifty is approaching maturity of price/time wise correction. Ongoing volatility indicates that couple of weeks’ breather cannot be ruled out but eventually we expect Nifty to resolve out of four-week consolidation of (15500-15900) and head towards our target of 16100 in coming weeks. During ongoing consolidation index retraced its May rally by just 38%, indicating shallow retracement. Time-wise, the index has not corrected for more than three consecutive weeks in a row since April 2020. In current scenario, as index has already corrected over past two weeks. Thereby we expect it to maintain the same rhythm.

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