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Nifty Outlook:

Though we had opened the week on a tentative note, we were clear not to entertain the possibilities of a crash. On Tuesday, we had a much better clarity on the direction, and brought 15900 in our radar. By Wednesday we were clear of a new peak soon, but were watchful of a few episodes of confidence crises once near/inside the 15250-431 region, which is where we are likely to be in, today.

A breakout beyond this congestion region of 15250-431 is to be expected, but it is uncertain how far the bulls would be keen to chase on a Friday. Towards this end, we would go in with a limited upside objective of 15550 today, a very conservative one for a new-peak-move, and would be watchful of loss in momentum, if Nifty is unable to float above 15325 after opening surge.

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