The equity benchmark edged lower post RBI policy outcome after recent sharp up move - ICICI Direct
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Technical Outlook
The equity benchmark edged lower post RBI policy outcome after recent sharp up move. The Nifty settled the Thursday’s session at 18635, down 92 points or 0.5%. In the coming session, the index is likely to open on a positive note amid firm global cues. We expect, index to trade with a positive bias while sustaining above intraday support of 18600. Hence, use intraday dip in June future towards 18690-18722 to create intraday long positions for target of 18807 with a stoploss of 18654.
We maintain our positive stance and expect Nifty to gradually retest the life time highs of 18887 in the coming weeks. However, the move towards lifetime highs would be in a nonlinear manner. Key point to highlight is that, since March Nifty has not corrected for more than 400 points while sustaining above its 20 days EMA, highlighting inherent strength. Hence, we believe, any temporary breather would provide incremental buying opportunity. Thus, focus should be on accumulating quality stocks to build a portfolio from medium term perspective
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