The Nifty extended breather over second consecutive week and settled on a subdued note as Nifty dropped 0.6% to end the week at 15763. In the coming session - ICICI Direct
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Technical Outlook
The Nifty extended breather over second consecutive week and settled on a subdued note as Nifty dropped 0.6% to end the week at 15763. In the coming session, the index is likely to open on a positive note tracking firm Asian cues. We expect index to trade with positive bias while maintaining higher highlow. Hence use intraday dips towards 15790- 15815 to create long for target of 15903.
Key thing to monitor in the coming week is that, the faster pace of retracement along with multi sector participation would confirm breakout from ongoing consolidation (15950-15500) and open the door for 16300. Over past two sessions, the index has retraced 80% of past seven sessions decline (15962-15513). Thus a breach above upper band of consolidation (15950) would dictate directional bias and lead index gradually to 16300 in coming weeks, else extended consolidation with positive bias amid stock specific action. Thus, dips from hereon should be capitalised on to accumulate quality stocks amid progression of Q1FY22 earning season.
Nifty Daily Chart
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