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Nifty Outlook

While an overwhelming majority of Nifty 500 constituents were trading below their respective 10 day SMAs in the last few days prompting us to take a cautious stance, Nifty closed below this key MA just yesterday and for the first time since 1st April. This has set off a break down move, potentially aiming 23670-460. While we hope 24050-23930 to provide a window for Nifty to consolidate, as maintained in the last couple of days, downside momentum is more likely to prevail over recovery attempts. For the day, we expect value buyers to step in, on dips below 23550. Meanwhile 23850-24050 is likely to be a volatile region which may spark upswings, but we prefer to see above 24150 in order to confirm strength.

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