The Nifty settled Monday`s session at 14359, down 258 points or 1.8%. In the coming session - ICICI Direct
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Technical Outlook
Equity benchmarks started the week on a negative note weighed by surging Covid-19 cases across India. The Nifty settled Monday's session at 14359, down 258 points or 1.8%. In the coming session, sustenance above Monday’s high (Spot14382) would open further pullback option, else consolidation amid stock specific action. Hence, use intraday dip towards 14250-14275 to create long for target of 14364.
Going ahead, we expect prolongation of consolidation (14800-14200) amid stock specific action. Amidst host of negative news flow related with COVID-19 2nd wave, index managed to hold lower band of consolidation placed at 14200. Therefore, we believe, only the breach of Monday’s panic low around 14200 (on a closing basis) would lead to extended correction. Else continuance of stock specific action amid ongoing Q4FY21 result season. Structurally, over past four weeks, despite elevated volatility owing to impact of rising Covid 19 cases in India, Nifty has managed to hold lower band of consolidation 14200 on three occasions, highlighting key support zone.
Nifty Daily Chart
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