Market Outlook - Technical - July 17, 2021 - ICICI Direct

By Dharmesh Shah, Head - Technical, ICICIdirect

- Broader markets outshone benchmarks with small cap index gaining 4% even as Nifty snapped its losing streak to settle at 15923, up 1.5%

- Nifty is expected to challenge psychological mark of 16000 in coming truncated week and eventually head towards 16300 in coming months

- Index has resolved out of five weeks consolidation signaling resumption of uptrend, on expected lines, after maturity of price/time correction

- We expect BFSI, IT, Infra, Realty and Metals to lead the rally while Auto and Consumption space provides margin of safety at current levels

- Our preferred large cap picks are Axis Bank, Bajaj Finance, Infosys, Asian Paints, Hindalco, Ultratech Cement, M&M while, in midcaps we like Havells, Birla soft, Vardhaman Special steel, Mahindra life, Indocount industries, Glenmark Pharma, PNC Infra, Sandhar Technologies, Interglobe aviation

Source : Equity Bulls

Keywords