Market Watch : Asia up, defying US declines BoJ and Fed decisions awaited - Geojit Financial Services Ltd
Nifty Outlook
While it took 10 trading sessions to swing higher from the lower Bollinger band and break above the middle band, we expect the travel to the upper band to unfold in much lesser time. This should also suggest that the 23000 region which was expected to spark a stop and reverse move, may give away. Ideally, a full retracement to the Feb peak should unfold setting us up with 23807 as the optimistic target, with intermediate resistance spotted in the 23460-500 vicinity. Alternatively, inability to close above 22730 today after early positivity, could signal loss in momentum, but an outright reversal is less favoured.
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