IGI Logo

Technical Outlook

Equity benchmarks witnessed a range bound activity and settled a volatile week on optimistic note. The Nifty concluded Friday’s session at 16352, up 0.5% for the week. In the coming session, index is likely to witness gap up opening tracking positive global cues. We expect index to trade with a positive bias while maintaining higher high-low. Hence, use intraday dip towards 16380-16412 for creating long position for the target of 16498 Going ahead, a decisive close above upper band of consolidation placed at 16400 would provide directional bias, leading acceleration of upward momentum towards 16800 in coming weeks.

Thus, any dip towards 16100- 16000 should be used to accumulate quality stocks as we expect buy dips strategy would continue to fare well. Further, cool off in VIX along with broad based participation would be key monitorables that should support sustainable recovery in the market

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