IGI Logo

Technical Outlook

Equity benchmarks took a breather tracking muted global cues. The Nifty ended Wednesday's session at 18122, down 10 points. In the coming session, index is likely open on a flat note tracking muted global cues. We expect, consolidation with stock specific action would prevail amid elevated global volatility. Thus, intraday dip towards 17995-18027 should be used to create intraday long positions for target of 18113.

Going ahead, we expect the index prolong the ongoing consolidation in the 18300-17800 range amid stock specific action. We believe, recent breather helped the index to cool off weekly stochastic oscillator (currently placed at 17) and form a higher base that has paved the way for the next leg of the up move. Since June 2022 lows, price wise the index has not corrected for more than 8% and time wise decline has not extended for more than three consecutive weeks. In the current scenario, we expect the index to maintain the same rhythm as it has already corrected 6% over the past three weeks. Thus, bouts of volatility owing to global development should be capitalised as incremental buying opportunity.

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