IGI Logo

Technical Outlook

Equity benchmarks snapped five weeks winning streak and ended volatile week on a negative note. The Nifty settled the week at 17559, down 1%. In the coming session, index is likely to open gap down amid weak global cues. We expect the index to trade with corrective bias after a gap down opening. Hence use intraday pullback towards 17360- 17382 for creating short position for the target of 17267

In the upcoming truncated week, we expect healthy retracement towards 17000-16800 levels which should not be construed as a negative rather capitalize dip as buying opportunity. Ongoing consolidation in broad range of 16800-17700 after sharp rally would help oscillators to cool off and set stage for next leg of up move, hence one should adopt strategy of buying dips in quality companies to ride structural uptrend

Nifty Daily Chart

To Read Complete Report & Disclaimer Click Here

Please refer disclaimer at https://secure.icicidirect.com/Content/StaticData/Disclaimer.html
SEBI Registration number INZ000183631

Above views are of the author and not of the website kindly read disclaime