IGI Logo

Technical Outlook

Equity benchmarks extended gains over second consecutive week supported by buoyant global cues. The Nifty concluded the week at 15031, up 0.6%. In the coming session, Nifty future is likely to open with a positive gap tracking firm global cues. We expect the index to hold Friday’s low (Spot14954) and trade with a positive bias. Hence, use intraday dip towards 15022-15055 to create long position for target of 15139.

Key point to highlight is that, over past nine sessions index has retraced 80% of preceding nine sessions decline (15432-14468). The lack of faster retracement on either side signifies prolongation of healthy consolidation (15300-14700) amid stock specific action that will help index to form a higher base above key support threshold of 14700. In the process, we expect broader markets to continue with its relative outperformance. Hence, dips should be capitalized as incremental buying opportunity in quality large caps and midcaps stock to ride the next leg of up move

Nifty Weekly Chart

To Read Complete Report & Disclaimer Click Here

https://secure.icicidirect.com/Content/StaticData/Disclaimer.html

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer