IGI Logo

Technical Outlook

Equity benchmarks snapped past two sessions losing streak and concluded Tuesday’s session on a positive note tracking firm Asian cues. The Nifty ended the session at 16771, up 156 points or 0.9%. In the coming session, the index is likely to open on a positive note tracking firm global cues. However, we believe Monday’s gap area of (16985-16824) would act as immediate hurdle. Hence use pullback towards 16954-16978 for creating short position for target of 16861

Despite Tuesday’s positive traction index failed to sustain above previous sessions high on a closing basis, highlighting corrective bias. Thus, key monitorable from hereon would be sustainability above the psychological mark of 17000 which will be crucial for a meaningful pullback to materialize. Failure to do so would lead to prolongation of southward momentum. We believe 17000 would act as immediate hurdle as it is a confluence of the Monday’s gap area of (16985-16824) coincided with 50% retracement of ongoing corrective phase (17640-16410) is placed at 17025.

Nifty Weekly 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