IGI Logo

Technical Outlook

Equity benchmarks snapped three sessions up move amid subdued global cues owing to US Fed outcome. The Nifty ended the session at 18415, down 245 points or 1.3%. In the coming session, index is likely open on a negative note tracking weak global cues. We expect index to hold key support of 18300 amid elevated volatility. Thus, intraday dip towards 18320-18352 should be used to create intraday long positions for target of 18437

We expect, prolongation of consolidation amid stock specific action. The index has been undergoing profit booking in recently rallied heavy weights after nine consecutive week’s rally. However, a decisive close below lower band of consolidation (placed at 18300) would lead to extended correction towards 18100. Meanwhile, on the upside past two weeks high of 18700 would act as immediate resistance

To Read Complete Report & Disclaimer Click Here

Please refer disclaimer at https://secure.icicidirect.com/Content/StaticData/Disclaimer.html
SEBI Registration number INZ000183631

Above views are of the author and not of the website kindly read disclaimer