Equity benchmarks hovered within a whisker of all-time highs as lacklustre movement prevailed over second consecutive week - ICICI Direct
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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
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