Equity benchmarks recouped most of Wednesday’s losses and concluded weekly expiry session on a positive note - ICICI Direct
Technical Outlook
Equity benchmarks recouped most of Wednesday’s losses and concluded weekly expiry session on a positive note. The Nifty settled Thursday’s session at 15738, up 102 points or 0.65%. In the coming session, we expect index to resolve higher and challenge all time high of 15800. Hence, use intraday dip towards 15720- 15745 to create long for target of 15828.
We expect, index to trade with a positive bias and gradually head towards our earmarked target of 16100 in June 2021. However, we believe, move toward 16100 would be nonlinear in nature as bouts of volatility owing to overbought condition of weekly stochastic oscillator (currently placed at 96) cannot be ruled out. Therefore, any dip from here on should be capitalised as incremental buying opportunity in quality large caps as we believe strong support for the Nifty is placed at 15200. The formation of higher high-low on the larger degree chart backed by improving market breadth signifies robust price structure that augurs well for durability of ongoing up move
Nifty Daily Chart
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