Equity benchmarks plummeted over fifth session in a row tracking weak global cues - ICICI Direct
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Technical Outlook
Equity benchmarks plummeted over fifth session in a row tracking weak global cues. The Nifty concluded weekly derivative expiry session at 15808, down 359 points or 2.2%. In the coming session, index is likely to witness gap up opening tracking positive Asian cues. We expect, index to hold Thursday’s low of 15733 and trade with a positive bias amid rise in volatility. Hence, use dip towards 15730-15766 should be used for creating long position for target of 16037 Key point to highlight is that, index has failed to sustain above previous session’s high over past nine consecutive sessions. The formation of lower high-low exhibits corrective bias. Thus, to pause the ongoing downward momentum index need to form a higher high-low formation along with a decisive close above previous session’s high (16042). Failure to do so would lead to prolongation of corrective bias. Meanwhile, stability in rupee, dollar index and VIX overseas will be the key monitorable for cool off in sentiment that would consequently help the market to find support in the 15600- 15400 zone as it is 61.8% retracement of CY21 rally.
Nifty Daily Chart
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