IGI Logo

Technical Outlook

Equity benchmarks snapped past five sessions decline and ended the Tuesday’s session on a positive note at 14708, up 32 points or 0.2%. In the coming session, Nifty future is likely to open on a positive note amid mixed global cues. We expect index to hold above Tuesday’s low (spot-14652) and trade with a positive bias. Hence, use intraday dip towards 14705-14732 to create long position for target of 14819.

The index is undergoing healthy retracement of post budget rally, wherein we do not expect the index to breach the key support threshold of 14300. Meanwhile, to confirm the pause in downward momentum index need to form a higher high-low formation and decisively close above immediate resistance of 14900. Failure to do so, would lead to extension of ongoing breather amid stock specific action. Hence, buy on dips strategy in quality large cap and midcap stocks should be adopted as the broader structure remains positive.

Nifty Daily 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