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Nifty Outlook:

We had gone into last Friday with a limited upside objective, warning of a loss in momentum if Nifty was unable to float above 15325 after the opening surge. As it turned out, Nifty kept its head above 15325 for barely a few minutes, before liquidation pressure pulled it sharply lower. This has resulted in a bearish engulfing pattern that threatens to stop the bulls on their tracks and consider falls towards sub 14000.

However two signs encourages us to hunt for a few trading moves on the upside in the initial hour. Firstly, standard deviation studies point to a bearish exhaustion. Secondly, the tussle in the last two hours formed a bullish harami, seconding a push higher. Towards this end, we see Nifty consolidating within 30- 60 points on either sides of 15130 in the forenoon, before settling on a direction.

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