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Market Watch: Geopolitical tensions suggest a soft start to the week - Geojit Financial Services Ltd
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Nifty Outlook
Consecutive days of close above 24500, which is also the neckline of an inverted H&S pattern, encourages us to lift the medium term upside target higher to 25600-700, from 25262 set in late November. For the day, we are not keen on chasing prices higher, as was the case on Friday as well. Alternatively, upswings to 24860 could eyed, if slippages are held above 24600. Inability to float above 24530 will cast doubts on the upside potential, but brief drops to 24380 may be ignored. It would require a close below 24150 to force us to completely abandon the downside view.
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