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NIFTY OUTLOOK

Nifty is within touching distance of the 17000 objective that we expected yesterday without much trouble. Yesterday’s rise was indeed without any hiccups, and while we expect the next 1500 points to be very swift, the prospects of an outright surge will be challenged by the presence of negative divergences in both daily as well as weekly charts. However, we are not looking at a collapse today, and as such divergencies usually take some time to become potent enough. The psychological mark of 17000 is sure to discourage some though, but favoured view expects Nifty to step into the 17060-17200 region as long as intraday consolidation does not stretch beyond 16860-16800

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