IGI Logo

Technical Outlook

Equity benchmarks took a breather after two weeks sharp up move amid inflation worries and mixed global. The Nifty concluded the week on a subdued note at 17153, down 0.8%. In the coming session, index is likely to open on a flat note tracking mixed global cues. We expect stock specific action to prevail with a positive bias amid ongoing consolidation. Hence, use intraday dips towards 17105-17135 for creating long position for target of 17222

The ongoing healthy retracement has helped daily stochastic oscillator to cool off the overbought conditions. We believe, ongoing breather will help index to form a higher base and gradually resolve above the upper band of the ‘Andrews’ Pitchfork’ (placed around 17300), leading to a gradual move towards 18000 in coming month. In the process, we do not expect Nifty to breach the key support of 16800-16700. Therefore, extended breather should be capitalised on as incremental buying opportunity as we believe buying on dips strategy would continue to work in favour of market participants

Nifty Daily 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