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Nifty Outlook:

The recovery rally that unfolded in the second half of Tuesday, did force us to suspend the bearish view. But, while this move will force a higher opening today, we are not convinced that an outright reversal is in play and towards this end, we expect 14644/652 to force a turn lower. However, inorder to play the 14090 view, which is our near bearish objective, it would be good to handle 14490/40 carefully, as this region is likely to attract some bargain buying. Meanwhile, a close above 14644/652 will significantly raise the prospects of a strong upmove aiming for a new peak, even though 14800-14940 may resist a bit. Such an up move, while less expected now, deserves to remain within calculations.

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