Nifty drifting back into an indecisive zone, but the chances of a collapse beyond 16090-33, looks very limited - Geojit Financial
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NIFTY OUTLOOK
Three dojis in the last four days summarily explains the prevailing indecision. Yet, within this construct, the bias is leaning towards upside, especially within bottoms being held by a horizontal support, even as peaks remain uneven. Meanwhile, a hammer formed in the closing hour yesterday, calls for a run up early in the day, which though could be limited to 16350 on first attempt. However, if subsequent pull backs manage to keep its head above 16268, then we could be heading towards 16450- 500 in the next few sessions. Alternatively, inability to float above 16268 could see Nifty drifting back into an indecisive zone, but the chances of a collapse beyond 16090-33, looks very limited.
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