The index is likely to open on a positive note tracking firm global cues - ICICI Direct
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Technical Outlook
Equity benchmarks concluded weekly derivative expiry session on a subdued note as index extended losses over third consecutive session. The Nifty dropped 88 points to settled at 18178. In the coming session, the index is likely to open on a positive note tracking firm global cues. The formation of significant lower shadow in Thursday’s session signifies buying demand at lower levels. Hence, use dip towards 18175-18205 for creating short position for target of 18293
Going ahead, sustaining above Thursday’s panic low around 18050 would be the key monitorable as holding above psychological mark of 18000 would lead to base formation. We expect index to gradually consolidate in the 18000-18600 range, wherein BankNifty would relatively outperform. The BankNifty has shown resilience and closed at fresh all time high, despite profit booking in the benchmark index. We believe, revived traction in banking stocks would drive index to retest the all time high of 18600 in coming weeks as the components of BankNifty carries 37% weightage in Nifty.
Nifty Weekly Chart
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