The Nifty settled at 14736, down 8 points. In the coming session - ICICI Direct
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Technical Outlook
Equity benchmarks recouped intraday losses and concluded Monday’s volatile session on a flat note. The Nifty settled at 14736, down 8 points. In the coming session, index is likely to open on a flat note tracking muted global cues. We expect index to trade with a positive bias while sustaining above Monday’s low (Spot-14598). Hence, use intraday dip towards 14670-14695 to create long position for target of 14784.
The index has once again maintained the rhythm of respecting 50 days EMA since May 2020, indicating elevated buying demand. The rotational sectoral leadership signifies inherent strength that makes us believe, index will trade with positive bias and gradually head towards upper band of consolidation placed at psychological mark of 15000. In the process, 14400 would continue to act as a strong support. Hence, any dip from here on should be capitalised on as an incremental buying opportunity to ride next leg of up move.
Nifty Daily Chart
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