Nifty tumbled 225 points or 1.5% to end the session at 14325 - ICICI Direct
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Technical Outlook
Equity benchmark settled monthly derivative expiry session on negative note as Nifty tumbled 225 points or 1.5% to end the session at 14325. In the coming session, index is likely to witness gap up opening tracking firm global cues. We expect Nifty to hold the derivative expiry low (spot-14264) and trade with a positive bias. Hence, use intraday dip towards 14428-14452 to create long for target of 14542.
Going by the historical rhythm of last one year, Nifty has attracted elevated buying demand after average 9% correction. In current scenario, Nifty has already corrected 8% from life high of 15432. Therefore, couple of percentage decline from here on cannot be ruled out. We expect aforementioned rhythm to be maintained and therefore any extended correction from here on should not be construed as negative, instead it should be capitalised to construct portfolio from medium term perspective by accumulating quality large caps in staggered manner. Meanwhile, 14800 would act as immediate resistance on the upside.
Nifty Weekly Chart
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