IGI Logo

Technical Outlook

Equity benchmarks continued to inch northward over a fourth session in a row tracking firm global cues. The Nifty ended the choppy session at 17512, up 25 points. In the coming session, index is likely to open on a subdued note tracking muted global cues. We expect volatility to remain high amid weekly expiry session. Hence, after initial decline use dips to create intraday long positions in the range 17300-17332 for target of 17417

Going ahead, we expect index to resolve higher and gradually head towards psychological mark of 18000 in coming weeks. However, move towards 18000 would be in a non-linear fashion. Key point to highlight is that, past four sessions 650 points up move hauled daily stochastic oscillator in overbought conditions placed at 90, indicating possibility of couple of days breather can not be ruled out. Yet, such breather should not be construed as negative. Instead, dips should be used as buying opportunity amid progression of Q2FY23 earning season.

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