IGI Logo

Technical Outlook

Equity benchmarks snapped six sessions winning streak and concluded volatile session on a subdued note ahead of RBI’s Monetary policy. The Nifty ended weekly expiry session at 17382, down 6 points. In the coming session, index is likely to open on a positive note tracking mixed global cues. We expect index to trade with a positive bias amid elevated global volatility. Hence, use intraday dip towards 17320-17355 for creating long position for the target of 17439

The index has been taking breather over past couple of sessions after 15% rally as it approached upper band of downward slanting channel amid overbought condition of daily and weekly stochastic oscillator. A mild profit booking would make index healthy and set the stage for eventually challenging higher band placed around 17550 and gradually head towards 17900 as it is 80% retracement of entire decline off October 2021 to June low (18600-15200). Hence, any breather from here on should not be construed as negative instead dips should be utilised as an incremental buying opportunity to ride next leg of up move.

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 disclaimer