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NIFTY OUTLOOK

Having fully achieved the downside objective of 18230 yesterday, the bear grip is expected to ease today, allowing a pull back. If the 18360s challenge the initial up sides up, then the consolidation thereof would augur well for the trend towards a stronger rise, and potentially a new peak. However, should there be a direct rise towards 18500, a stronger fall could ensue, aiming 17350 in the next few weeks. Neither scenarios place a high probability on a revisit of yesterday’s low today, but plenty of activity is expected to unfold before the overall bearish bias is fully dispelled.

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