Nifty is undergoing a consolidation, after 1000 points rally in nine sessions - ICICI Direct
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Technical Outlook
Nifty extended corrective decline for third session amid muted global cues. Nifty closed at 17619, down 0.25% or 40 points while Midcap and small cap indices closed flat, thereby relatively outperforming benchmarks. In the coming session, Index to extend the last three sessions consolidation amid stock specific action. Volatility is likely to be high on account of the weekly expiry. Overall bias remain positive, hence, use intraday dips towards 17595-17627 in Nifty April futures to create long position for the target of 17710, maintain a stoploss at 17557.
Nifty is undergoing a consolidation, after 1000 points rally in nine sessions. We expect few sessions of consolidation in 17500-17800 would make market healthier. Post this, we expect Nifty to resume its upward trajectory and gradually head towards 18100 in coming weeks with key support now being placed at 17500 levels. Use dips as buying opportunity as earnings season accelerate. We expect broader markets to witness catch up activity as Nifty midcap and small cap indices have resolved out of four month falling channel indicating end of corrective phase.
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