Market Watch: Bounce back attempt possible, but 24728 remains a hurdle by Geojit Financial Services Ltd
Nifty Outlook
Break below the 10day SMA reopened the possibilities of a downside plunge again. But as pointed out yesterday, momentum being low, the downsides eased off on test of the 20-day SMA, and yet another bounce back attempt is likely. However, thanks to the multiple consolidation attempts through this week, the upside attempts will face several challenges, first being 24728. It would require a direct rise above 24810-60 to signal strength. Else, expect continuation of slippages, with a break below 24580 opening doors for 24200-24060
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Quote on Market Wrap Up by Mr. Ajit Mishra - SVP, Research, Religare Broking Ltd
