In the coming session index is likely open on a subdued note tracking weak Asian cues - ICICI Direct
Technical Outlook
Equity benchmarks snapped four weeks losing streak and settled the range bound week on a subdued note. The Nifty concluded the week 18308, down 0.25%. In the coming session, index is likely open on a subdued note tracking weak Asian cues. Post initial blip we expect supportive efforts to emerge from 18200 range. Thus, intraday dip towards 18235-18272 should be used to create intraday long positions for target of 18357.
We expect Nifty to undergo healthy consolidation which will help to cool off the overbought condition (weekly stochastics placed at 94) formed due to past four week’s 9% rally and form a higher base above key support of 17800 mark which will eventually pave the way to challenge life highs of 18600 in coming weeks. Thus, extended breather from here on should be capitalised on as incremental buying opportunity. Index rallies are getting bigger with shallow retracements after breakout from past one year down trending channel indicating inherent strength
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