IGI Logo

Nifty Outlook

The 26060/100 region capped upsides for most part of the day and even started off with a decline from the top, all along anticipated lines. But the slippages lasted barely a few moments, and the run up in the closing hour took off with such a ferocity that even our medium term objective 26600 stood a fair chance to be achieved on the same day. Bringing the participant wise figures into perspective, FIIls covered 34% of their shorts yesterday from their index future portfolio, that atleast partly explains the strength. Now, this takes up their long proportion to 79.9%, a near term extremity. Last expiry also panned out under similar circumstances, albeit with a lower Ol count. And it took three days of moderate gains post expiry, for a substantial decline to unfold. For the day, an open above 26200 will render the trend unstable calling for falls to 26020, while an open within 26200-170 could lend a consolidation bias that could extend yesterday's upsides. Alternatively, direct fall below 26130 could dilute upside momentum.

For More Geojit Financial Services Ltd Disclaimer https://www.geojit.com/disclaimer 

SEBI Registration Number: INH200000345