Index is likely to open on a subdued note tracking muted global cues - ICICI Direct
![](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/02/ba8675a3945ec970ce7963df87511220.jpg)
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
Technical Outlook
Equity benchmarks snapped two sessions losing streak tracking buoyant global cues. The Nifty concluded Tuesday’s session at 17930, up 159 points or 0.9%. In the coming session, index is likely to open on a subdued note tracking muted global cues. We expect, buying demand to emerge from intraday support of 17800 mark post initial blip. Thus, intraday dip towards 17810-17840 should be used to create intraday long positions for target of 17925
Going ahead, a decisive move above the upper band of consolidation coinciding with Budget day high (placed around 18000) will confirm conclusion of corrective bias and open the door for up move towards 18300 in coming weeks as it is 61.8% retracement of entire correction since January 2023 (18887- 17353). Thus, temporary breather should be capitalised on as an incremental buying opportunity. Structurally, formation of higher low signifies elevated buying demand that makes us believe any temporary breather from here on would get anchored around 17400as it is confluence of: a) 61.8% retracement of October-December rally 16748-18887 b) price parity of Sept-22 decline (18096-16747) projected from All time high of 18887 c) Long term 52 weeks EMA is placed at 17450.
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
![](https://portfolio.investmentguruindia.com/uploads/news/Power 2510.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Infrastructure28.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/NKSingh57.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Boman Irani and M D, President, CREDAI.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/ITSEctor123.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Growth Chart 50.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Shripal Shah, MD & CEO, Kotak Securities.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/gold_29.12.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Import export.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Crane_Sanghavi.jpg)
Tag News
![](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/09/cc796169e4f7c012914c95f4a8efe430.jpg)
Weekly Market Analysis : Markets strengthened recovery and gained nearly 2% in the passing w...
![Weekly market outlook : The market is eagerly awaiting data on inflation and industrial production to provide further guidance Says Vinod Nair, Geojit Financial Services](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/09/5f1fa5f12be5ac87ff9258ea3909f0f8.jpg)
![Nifty registers best week in 2 months after rising for 6 consecutive sessions](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/09/95f11bf3e1fc515ff0aed747520314dc.jpg)
![Market Quote : Benchmark Indices ended the week today just a few percentage away from record highs Says S Ranganathan, LKP securities](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/09/f33c3d1dad571464e55a94475ae32892.jpg)