IGI Logo

Technical Outlook

Equity benchmarks kicked off the CY22 on a buoyant note as Nifty zoomed 272 points to settled the Monday’s session at 17625. In the coming session, the index is likely to open on a positive note amid mixed global cues. We expect index to trade with a positive bias while maintaining higher high-low formation. Hence use intraday dip towards 17630-17662 for creating long position for target of 17745

Going ahead, we believe, sustainability above 17600 over next couple of sessions would open the door for extension of ongoing up move towards 18200 in coming weeks. Our constructive stance on the market is based on: A) The current up move in Nifty (1230 points) is larger in magnitude compared to past two pullbacks (600 points, 850 points respectively) B) Bank Nifty logged a resolute breakout from falling channel. The revived traction in Bank Nifty would drive Nifty higher as it carries 35% weightage in Nifty C) The across sector participation backed by improving market breadth signifies broad based participation that augurs well for durability of ongoing up trend

Nifty Weekly 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