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Nifty Outlook

We had pencilled in yesterday, the prospects of pause after the first leg of recovery move ends at 24389. Hence, the turn lower did not come as a surprise, but the extent of the pull back did, which has allowed bears to regroup. This would mean that despite the downsides losing momentum on approach of the 50day SMA again, the dominant trend is still pointing down, and 23860 may not hold off a repeat attack. That said, MACD histogram in short periodicities provides a template for recovery attempts early today with 24067, 24154 and 24262 as objectives. However, with VIX near 19, all these upswings could be dismissed as volatility, until 24389 is reclaimed.

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