Nifty 17600 possible if index holds above 16800 post Budget

Key thing to monitor in the next week is that Nifty holding above 16800 post the Union Budget 2022 amid oversold conditions would open the doors for a technical pullback towards 17600.

Our key observations are as follows: a) Time-wise, since May 2020 index has not closed negative for more than two successive weeks. With two weeks of losses behind us, index is poised for a technical pullback b) Despite elevated global volatility, Nifty managed to hold the key support of 16800 c) The Bank Nifty has been outperforming the benchmark Nifty since the beginning of this year and also within the ongoing corrective phase. A revived traction in banking stock would drive Nifty higher as Bank Nifty carries 36% weightage in Nifty.

ICICI Direct

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