Market Watch: Caution persists by Geojit Financial Services Ltd
Nifty Outlook
Dips to 24500 region and the pull back thereof evolved on anticipated lines. But we are still near the middle of the parallel trading range that has been on since early May. The consolidation band of 24770-850 is still a challenge for upside attempts. Nevertheless, yesterday’s long lower wick suggests that bulls have the upper hand for now, and this consolidation band could see a penetration, as long as dips do not stretch much beyond 24650. Strength from here on would be critical to retaining our medium term objective of 25460-26200. Near term supports are at 24500- 24060.
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