Index to consolidate its recent gains with positive bias - ICICI Direct
![](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/05/0a00f409b5138a81e50a943a5c6e0882.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
The equity benchmark endured its winning streak over fourth consecutive session. The Nifty settled Tuesday’s session at 18633, up 35 points or 0.2%. In the coming session, the index is likely to open on a soft note amid subdued Asian cues. Index to consolidate its recent gains with positive bias. Stock specific action will continue to remain in focus. Hence, create long position in dips towards 18620- 18653 for the target of 18737, maintain stoploss at 18583.
The formation of higher peak and trough supported by improving market breadth signifies inherent strength that makes us confident to reiterate our positive bias and expect Nifty to gradually retest the life time highs of 18887 in coming weeks. In the process, we expect broader market to relatively outperform as it continued with its record setting spree over third consecutive session. Thus, any dip from hereon should be used to accumulate quality stocks to ride next leg of up move. Structurally, formation of higher high-low on the monthly chart signifies elevated buying demand that makes us confident to revise support base at 18200 as it is 80% retracement of current up move (18060-18662) coincided with 20 days EMA placed at 18275.
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/kotak securities.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/geojit Financial Services.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/TechMahindra23.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/powersector25.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Ajit Mishra.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/fsdkfjeljweoir.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/nirmalasitharaman230717.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Real estate sector_9477.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/global29.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Dollar 30.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)
More News
![](https://portfolio.investmentguruindia.com/uploads/news/Axis Securities Ltd.jpg)
India VIX index is at 11.14 v/s 11.19 - Axis Securities
![PSU Banking index is at the cusp of multi year breakout and seen relatively outperforming - ICICI Direct](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/08/28340bc04550c5d9295e52068a767e2f.jpg)
![Banknifty is outperforming where 38300-38500 is an immediate resistance zone - Swastika Investmart](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2022/01/82c2c2775d96ef714e5f867143614bc1.jpg)
![The Nifty started the week with a gap up opening and traded northward throughout the session - ICICI Direct](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2021/07/ad1eaed162b772079875d9222c2d5c79.jpg)