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NIFTY OUTLOOK

Nifty’s upswings got cold feet at 17436 on expected lines yesterday, the pull back thereof has not yet threatened to evolve into a collapse. This dip found buying interest from the horizontal support of 17360 and the resultant bounce that could unfold today in the initial hour is less likely to be strong enough. Meanwhile, we remain committed to our earlier view that a major range expansion is about to unfold. Towards this end, we will go in today viewing 17400-17436 as a vulnerable area, but will play directional moves on break of either 17360 or 17436.

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