In the coming session, index is likely to open on a flat note tracking mixed global cues - ICICI Direct
Technical Outlook
Equity benchmarks snapped two days decline and settled the session on a positive note post RBI policy outcome. The Nifty ended Wednesday’s session at 17872, up 150 points or 0.85%. In the coming session, index is likely to open on a flat note tracking mixed global cues. We expect, index to trade with a positive bias amid elevated volatility owing to weekly expiry. Thus, intraday dip towards 17825- 17855 should be used to create intraday long positions for target of 17943
Key point to highlight is that, the index has bounced after approaching the maturity of price and time wise correction and settled above 20 days EMA, indicating rejuvenation of upward momentum. Going ahead, we expect index to resolve higher and gradually head retest the upper band of consolidation placed at psychological mark of 18000. Further, a decisive close above the Budget day high (around 18000) would lead to an acceleration of upward momentum. Thus, bouts of volatility should be capitalised on to accumulate quality stocks in a staggered manner.
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