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NIFTY OUTLOOK

On Friday, we had set out with an expectation of an upwswing that would revive the possibilities of 17130 again. However, we did not want to get ahead of ourselves, as at one point on Wednesday, Nifty had looked poised to collapse to 15970. Towards this end, we wanted to gauge the momentum of upsides on Friday, once inside 16425-16550 region, before confirming our directional bias. The wild swings inside 16400-16500 on Friday justifies our caution, but the odds remained evenly balanced. Today, favoured view expects 16570 to hold early upsides, followed by a struggle inside 16520-16450 to establish dominance. A pull back again beyond 16570 would signal rapid ascent to 17130-200. Alternatively inability to float above 16450 could bring bears back in action and aim for 16200 or 15700s, but this appears a low probability scenario for now.

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