Equity benchmarks recovered last session’s losses and settled Wednesday`s session - ICICI Direct
Technical Outlook
Equity benchmarks recovered last session’s losses and settled Wednesday’s session on a positive note as Nifty closed at all-time high at 15880, up 61 points or 0.4%. In the coming session, we expect index to trade with a positive bias post soft opening amid elevated volatility owing to weekly derivative expiry. Hence, use intraday dip towards 15800-15825 to create long for target of 15913.
In line with our view, Bank nifty regained upward momentum and geared up to resolve above past six weeks’ consolidation (35800-33910). We believe, the rejuvenated traction in Banking, IT and Metal would help the Nifty resolve out of upper band of consolidation (15900) and head towards our target 16100 in coming weeks. Key point to highlight over past four weeks is that, the subsequent declines are getting shallower in magnitude, highlighting elevated buying demand. Therefore, even in case of breather from hereon we expect it to remain shallower and short lived. Therefore, dips should be capitalised as incremental buying opportunity ahead of Q1FY22 result season.
Nifty Daily Chart
To Read Complete Report & Disclaimer Click Here
ttps://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
Tag News
Stock Picks : TCS Ltd And Chambal Fertiliser Ltd By ICICI Direct