IGI Logo

Technical Outlook

Equity benchmarks recouped most of Wednesday’s losses and concluded the weekly expiry session on a positive note amid firm global cues. The Nifty settled the session at 17790, up 144 or 0.8%. In the coming session, index is likely to open on a positive note tracking buoyant global cues. We expect Nifty to trade with a positive bias while sustaining above 17750. Hence, use intraday dips towards 17785-17815 for creating long position for target of 17897

The lack of faster retracement on either side signifies extended consolidation in the broad range of 18000-17400 amid stock specific action. The round of intermediate breather is a common phenomenon in a bull market which makes market healthy and pave the way for next leg of up move. Key point to highlight since April 2021 is that, the Nifty has not corrected for more than 4-5% from recent swing highs. We expect index to maintain same rhythm. Hence, any dip from hereon should not be construed as negative instead it should be capitalised on to accumulate quality stocks

Nifty Daily Chart

To Read Complete Report & Disclaimer Click Here

https://secure.icicidirect.com/Content/StaticData/Disclaimer.html

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer