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Nifty Outlook:

With VIX low, break out expectations have been so low lately that Nifty has kept reverting to means, every time a directional move was attempted. So, it was not surprising to see that yesterday’s upswing failed to find enough momentum for a push beyond 15900. This is now the umpteenth attempt to breach 15900 in the last 30 days. Towards this end, it is fair to assume subdued trades on either sides of 15780 today with 15680-15900 as the outer boundaries. A directional move is certainly round the corner, and patterns suggest that a breakout on the higher side is likely to have a better momentum than a downside break.

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