The Nifty consolidated recent gains on Tuesday amid muted global cues - ICICI Direct
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Technical Outlook
The Nifty consolidated recent gains on Tuesday amid muted global cues. Profit booking was observed in stocks that had seen sharp run up over past few weeks while IT, Auto, pharma performed relatively better with gain of 0.5% each. The Nifty settled the session at 18266, up 1.5 points. In the coming session, the index is likely to open on a positive note amid mixed global cues. We expect the index to continue with its positive momentum while holding above 18200 levels. Stock specific action will remain in focus. Hence, create long position in the range of 18275-18308 for the target of 18387, maintain stoploss at 18237.
Going ahead, we expect index to gradually head towards 18500 in non linear fashion. While some profit taking at higher levels and volatility around US inflation data cannot be ruled out, temporary breather from hereon should be used to accumulate quality stocks from positional perspective. The percentage of stocks above 200 days EMA for the Nifty 500 universe have jumped to 55% compared to end of March reading of 40%, indicating improvement in broader market participation
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