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Nifty Outlook:

The potency of 15600 as a key horizontal pivot stands extremely diluted with Friday’s might swings on either sides of the same. The focus hence is on a broadening wedge pattern that could keep upside hopes alive. On Friday, if we had gone in with a limited upside expectation, today we are going in with a limited downside expectation. Expect choppy trades inside 15620-520 initially, before directional moves are attempted and we will wait for a push above 15790 before committing fully to the long side. Meanwhile, though we expect 15450 to be untested today, a revisit of the same could expose levels much deeper than the 15340-140 band previously drawn up.

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