IGI Logo

Technical Outlook

Equity benchmarks snapped four sessions losing streak and concluded weekly expiry session on a positive note. The Nifty ended Thursday’s session at 16478, up 122 points or 0.7%. In the coming session, index is likely to open with a negative gap tracking weak global cues. We expect corrective bias to remain as long as index maintains lower high-low formation. Hence, after initial decline, pullback towards 16344-16378 should be used for creating short position for the target of 16259

In today’s session index is likely to witness gap down opening tracking weak global cues. We believe strong support for the Nifty is placed at 16100 zone. However, for a meaningful pullback to materialise index need to decisively close above past three sessions identical high of 16500 to extend the pullback towards last week’s high of 16800. Else, prolongation of consolidation in the 16500- 16100 range amid stock specific action. Meanwhile, the lack of faster retracement on either side signifies prolonged consolidation that makes us confident to retain support base at 16100

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