Though we had brought up the prospects of 16500 for discussion last Friday - Geojit Financial
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NIFTY OUTLOOK
Though we had brought up the prospects of 16500 for discussion last Friday, we were clear that such a fall is not among our most favoured views, and was instead biased towards seeing a swing higher without breaching the 17440-370 region. The upswing that finally evolved from 17457 did not quite prompt any short covering rallies, but the day’s closing has retained hopes of formation of a bullish abandoned baby pattern. This encourages us to look for 17626-659 first today, with an eye on expanding the upside objectives later. But a slippage past 17515/483 would negate all that, and set a clear downside trajectory for 17250-16900.
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