IGI Logo

Technical Outlook

The Nifty staged a smart recovery in second half wiping off all the losses to settle almost unchanged at 16282. In the coming session, the index is likely to open on a positive note tracking firm global cues. We expect index to trade with a positive bias amid elevated volatility owing to weekly expiry. Hence use intraday dips towards 16250-16280 to create long for target of 16367.

Over past four sessions, Nifty retraced preceding six session gains by just 23% exhibiting resilience in large caps while midcap and small cap indices underwent healthy profit booking around ~8%. The rejuvenated traction in key index heavyweights across BFSI, IT, Telecom and metals (which represent over 50% weightage in Nifty) makes us believe, that ongoing healthy consolidation will set stage for gradual rally towards our revised target of 16600 in coming month as it is 138.2% extension of mid-June rally (15450-15915) projected from June high of 15915 is placed at 16575

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