Equity benchmarks concluded volatile week on a negative note tracking global volatility - ICICI Direct
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Technical Outlook
Equity benchmarks concluded volatile week on a negative note tracking global volatility. The Nifty ended the week at 16411, down 4%. In the coming session, index is likely to witness gap down tracking weak global cues. The breach of Friday’s low signifies extended correction. Hence, after a negative opening use pullback towards 16320-16352 for creating short position for the target of 16231 Going forward, key support is placed at 16100 levels being 80% retracement of March rally. Only a decisive close below 16100 would lead to extended correction towards march low of 15700. However, we observe that past four weeks corrective move hauled daily and weekly stochastic oscillator in extreme oversold territory (currently placed at 8 and 16, respectively). In earlier occasions, during CY18-20, after approaching such lower reading below 20, markets have witnessed technical pullback. Thus, we advise traders to refrain from creating aggressive short position in current highly volatile scenario. Instead, one should capitalise dips to construct portfolios in quality stocks in a staggered manner. Meanwhile, immediate upsides are capped at breakdown area of 16800.
Nifty Daily Chart
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