The Nifty settled the week at 18203, down 0.6% - ICICI Direct
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Technical Outlook
The equity benchmark snapped three week’s winning streak and settled the volatile week on a subdued note. The Nifty settled the week at 18203, down 0.6%. In the coming session, index is likely to open on a muted note tracking mixed global cues. The formation of hammer like candle in Friday’s session signifies elevated buying demand. Hence, use intraday dip in May future towards 18150- 18182 to create intraday long positions for target of 18267 with a stoploss of 18113.
Going ahead, we expect Nifty to prolong the ongoing consolidation in the 18500-18000 range amid monthly derivative expiry week. Structurally, this consolidation will help index to form a higher base. In the process, we expect small cap space to witness catch up activity. Thus, buy on dips would continue to be the prudent strategy to adopt. Emergence of buying demand from lower band of consolidation (18000) coincided with 20 days EMA, signifies robust price structure. The Bank Nifty has shown relative outperformance and maintained a higher high-low at ALL Time High. The resilience in Bank Nifty (which carries 38% weightage in Nifty) displays inherent strength
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