IGI Logo

Technical Outlook

Equity benchmarks started the week on a subdued note tracking muted global cues. The Nifty settled Monday’s session at 15815, down 0.3%. In the coming session, index is likely to open on a flat note tracking mixed global cues. We expect, Nifty to trade with a positive bias while maintaining higher high-low formation. Hence, use intraday dip towards 15785-15812 to create long for target of 15898.

Key point to highlight over past three weeks is that, Nifty has been facing intermediate resistance at 15900. However, the broader robust price structure makes us confident to believe, index would eventually resolve above upper band of consolidation and gradually head towards 16100 in coming weeks. We believe, index has undergone time-wise consolidation wherein it oscillated in a narrow range of 15900- 15600 over past five weeks, highlighting higher base formation around 15600 zone. We do not expect the Nifty to breach its strong demand zone of 15600-15500. Hence, dips should be capitalised to as an incremental buying opportunity

Nifty Daily Chart

To Read Complete Report & Disclaimer Click Here

ttps://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