Equity benchmarks snapped three days winning streak as rupee dipped at new low amid rising crude that weighed on sentiment - ICICI Direct
![](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2022/06/c6a87c17869aacc52388b2e249137f9f.jpg)
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
Technical Outlook
Equity benchmarks snapped three days winning streak as rupee dipped at new low amid rising crude that weighed on sentiment. The Nifty slipped 77 points or 0.5% to settle Tuesday’s session at 16585. In the coming session, index is likely to open on a flat note tracking mixed global cues. We expect buying demand to emerge from upper band of Monday’s gap area placed around 16460. Hence, use intraday dip towards 16490-16520 for creating long for target of 16606
The rejuvenation of upward momentum backed by improvement in market breadth signifies broad based participation. In addition to that cool off in VIX highlights improved market sentiment that augurs well for extension of ongoing pullback towards 16800 in coming sessions. Thus, temporary breather from here on should not be construed as negative. Instead dips should be capitalised on to accumulate quality stocks. Our target of 16800 is based on following observations: a) 200 day’s EMA placed at 16750 b) 50% retracement of the entire AprilMay decline (18115-15735)
Nifty Daily Chart
To Read Complete Report & Disclaimer Click Here
https://secure.icicidirect.com/Content/StaticData/Disclaimer.html
Above views are of the author and not of the website kindly read disclaimer
![](https://portfolio.investmentguruindia.com/uploads/news/Axis Securities Ltd.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Indiateam57.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/munishakhatwal57.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/geojit Financial Services.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/tatapower57.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/MP Ahammed.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Fintech Pre-budget expectation.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/uttarpradesh57.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Budget_3.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Cyberpeace.jpg)
Tag News
![](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/09/c9081e7b22f028209f4e4f0589c3c0c9.jpg)
Stock Picks : TCS Ltd And Chambal Fertiliser Ltd By ICICI Direct
![MCX Silver is expected to rise back towards 72,500 level as long as it sustains above 71,500 level - ICICI Direct](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/09/8dae740ddf7179ae23407b7362e80348.jpg)
![Euro remained under pressure on Thursday amid weaker set of economic numbers from Euro zone - ICICI Direct](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/09/c49d5573f54fd1fe07309fbce5369a52.jpg)
![The index started the session on a muted note tracking subdued global cues - ICICI Direct](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/09/8f1a19117fbd648f8fd1a5bbf2afbebc.jpg)