IGI Logo

Technical Outlook

Equity benchmarks snapped their three session’s winning streak and concluded the monthly derivative expiry session on a subdued note at 17465, down 33 points or 0.2%. In the coming session, index is likely to open on a subdued note tracking muted global cues. Post initial blip we expect buying demand to emerge from intraday support of 17400. Hence, use intraday dips towards 17388-17412 for creating long position for target of 17504

Going ahead, we expect the Nifty to trade with a positive bias and gradually head towards 18100 in April. However, the move towards 18100 would be in a non linear manner. Hence, post 12% rally from March low of 15671, a temporary breather should not be construed as negative instead dips should be capitalised on as incremental buying opportunity. Historically we have observed that oversold reading of sentiment indicator (percentage of stocks below 200- DMA) leads to decent up move subsequent months. In the current scenario, sentiment indicator has bounced from oversold territory with a reading of 42%, indicating extension of up move going ahead.

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