Multiple attempts to push beyond the 17960-18020 region - Geojit Financial
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NIFTY OUTLOOK
Multiple attempts to push beyond the 17960-18020 region ended up as failures, giving the impression that the upswings since plunging into the 17600 region last week, could be dismissed as just bear rallies., and that Nifty was firmly enroute the 17350 objective we had ear marked a fortnight back, after seeing 18602, the record peak. But none of the failed attempts retraced more than 62%, with Thursday’s trades closing above the 60m Bollinger band as well as 17760, which we had identified as the downside marker. This suggests that bulls continue to be in play, setting up room for a push into the 18170-400 region. This is the favoured move this week, as long as 17760 holds.
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