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Nifty Outlook:

We had put forward two reasons, why there could be a pull back yesterday amidst overwhelming bearish signs. Though the recovery rally did emerge in the second half, it was not before plunging Nifty to the lowest in 9 days. The hammer formed thereof suggests further upsides, and throws up two insights. One, the bearish move anticipated from Friday’s engulfing pattern is fully done. Two, a bullish continuation pattern is in the latter stages, which revives the 16000 view. A direct rise above 15130/70 will serve as an early signal towards both, and until then, 14870 will serve as the downside marker.

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