The week on a buoyant note as Nifty gained 245 points or 1.7% to conclude the Monday`s session at 14923. In the coming session - ICICI Direct
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Technical Outlook
Equity benchmarks opened the week on a buoyant note as Nifty gained 245 points or 1.7% to conclude the Monday’s session at 14923. In the coming session, we expect index to trade with a positive bias while maintaining higher high-low formation. Hence, use intraday dip towards 15010- 15035 to create long for target of 15124.
Going ahead, we expect index to resolve out of upper band of consolidation coincided with the psychological mark of 15000 and head toward life high of 15400 as discussed in the May edition of Monthly Technical outlook report. Key point to highlight is that, the Banknifty has seen faster pace of retracement on the smaller degree chart as it retraced past three sessions decline in just a single session, highlighting structural improvement. We believe, the follow through strength in financials would drive index higher as Banknifty constituent’s carries 38% weightage in Nifty. Hence any dip from here on should be capitalised to accumulate quality large cap and midcaps.
Nifty Weekly Chart
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