Market Watch :Caution takes centre stage - Geojit Financial Services Ltd
Nifty Outlook
We had lowered our upside target yesterday, in light of the distribution signals and loss in upside momentum. While yesterday’s slippage was held near 24400-350 region, our downside marker, only 23.8% of Nifty 500 stocks are now above their 10 day SMAs, pointing to a turn in trend in the broader market, exposing 23670-23460 on the Nifty. In the event of a sharp crack down, we expect 24050-23930 to provide a window for Nifty to consolidate. Alternatively, if dips do not extend past 24280, expect a quick recovery swing higher.
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