The recent peak of 15900 was expected behaviour, but the pull back thereof was strong enough to raise doubts on the continuation of upsides - Geojit Financial
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Nifty Outlook:
Yesterday’s turn lower from the recent peak of 15900 was expected behaviour, but the pull back thereof was strong enough to raise doubts on the continuation of upsides. We had also pencilled in earlier, the need for a close above 15790 before the directional moves are played with conviction. But having failed to eat into the previous day’s candle, we are inclined to keep the measured objective of 16136 in play. Volatility being a prominent theme, we are only half inclined to raise the downside marker from 15685 to 15752, yesterday’s low. However, a close above 15900 could attract directional trades, and we would be encouraged to upscale the targets to 16350 and beyond.
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