IGI Logo

Technical Outlook

Equity benchmarks surrendered early gains to settle at day’s low amid pressure in index heavyweights ahead of key central bank meetings lined up later part this week. The Nifty ended the session at 17368, down 0.8% or 143 points. In the coming session, the index is likely to open on a negative note tracking subdued global cues. We expect, index to extend the ongoing breather amid stock specific action. Hence use pullback towards 17370-17400 for creating short position for target of 17282

Going ahead, we remain constructive on the market as we expect the Nifty to undergo healthy retracement after recent pullback and form a higher base formation around 16900-17000 that would set stage for an eventual resolve above higher band of consolidation at 17500. Hence any dip in ongoing week should not be construed negative rather an incremental buying opportunity to accumulate quality stocks.

Nifty Weekly 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