IGI Logo

Technical Outlook

Equity benchmarks started the week on a positive note as Nifty reclaimed 18000 mark after gained 190 points or 1.1% to settle Monday’s session at 18003. In the coming session, the index is likely to witness gap up opening tracking buoyant global cues. We expect index to endure its northbound journey while maintaining higher high-low formation. Hence use intraday dip towards 18110-18142 for creating long position for target of 18227 After initial blip, Nifty regained upward momentum and sustained above the psychological mark of 18000 during the session.

The follow through strength above the 18000 mark underpinned by multi sector participation signifies inherent strength that makes us confident that index would resolve above 18200 levels and gradually head retest life time high of 18600 in the run up to the budget 2022. Hence, any dip from here on should not be construed as negative instead capitalised it as fresh entry opportunity from medium term perspective0

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