Technical Outlook

Equity benchmarks traded in a range amid high volatility on account of the monthly expiry and closed on a flat note. Nifty scaled a fresh all-time high of 14,024 and close the session off the highs at 13982. We expect the index to start the New Year on a positive note while maintaining higher high-low. Hence, use intraday dip towards 13970- 13995 in Nifty January future for creating long position for target of 14079

Going ahead, we reiterate our positive view as we expect the index to head towards our target of 14200 in coming weeks as it is the 138.2% external retracement of entire CY20 decline (12430-7511) supported by revolving sectoral participation and strong market breadth as currently all the Nifty constituents are trading above their 200 days SMA, which augurs well for longevity of the bull trend. While 13600 is expected to act as major support in the short term.

Nifty Daily Chart

To Read Complete Report & Disclaimer Click Here

For More ICICI Direct Disclaimer http://icicidirect.com/disclaimer.html
SEBI Registration number is INZ000183631

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer