Market Outlook - Technical - March 11, 2022 - ICICI Direct

• Benchmarks snapped four week losing streak aided by cool off in crude prices and VIX. Nifty gained 2.4% to settle at 16630 while Small cap index outperformed with 4% gain
• Emergence of strong buying demand in the vicinity of 52-week EMA amid oversold conditions and multi sector participation validates positive stance on index. We expect Nifty to eventually overcome immediate hurdle of 16800 and gradually head towards 17200 in couple of weeks
• For the coming truncated week, any dip towards 16200-16300 region would present incremental buying opportunity with strong support placed at 15900 levels
• Structurally, IT and Metal to outperform while beaten down BFSI, Auto, Consumer discretionary would offer stock specific opportunities
• Our preferred large cap picks are Infosys, Reliance Industries, Tata Steel, State Bank of India, Sun Pharma, while in Midcaps we like Amber Enterprises, Bharat Electronics, Chambal Fertiliser, Eclerx, Trent, Graphite India, Inox Leisure, Dhampur Sugar

Source : Equity Bulls

Keywords

ICICIDirect MarketOutlook Technical WeeklyOutlook