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Nifty Outlook

Yet another series of unsuccessful attempts yesterday to dear 24389 ended with a close below 24167 limiting the chances of any meaningful recovery during the rest of the day. However, as maintained yesterday, we prefer to see this as volatility rather than an outright collapse. Equally importantly, even though it would not stand another attack, the 50day SMA, now at 23938, still holds, inline with this stance. This along with the hourly MACD yet to fall below signal line despite yesterday's hammering, we are encouraged to ride upswings that could be triggered by overbought oscillators. Directional trades thus await break of 23938-24389, with our preference to go long, aiming 24540, should we float above 24195. Or to aim for 23670, should we see below 23938.

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