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Nifty Outlook
The turn lower from the 24470 vicinity has now completed a 61.8% retracement of the recent upmove that had been on since 4th Nov. This fibo is usually an ideal level for reversal, but the two consecutive days of decline witnessing lower highs and lower lows, point to inherent weakness raising the likelihood of stretching beyond the 4th Nov low of 23816, to the 200 day SMA, now at 23499. This being the default scenario, we are closely following the evolution of an inverted H&S pattern in 60 minute charts. Its right shoulder is apparently maturing now, which could hopefully see completion without breaching 23991, in which case, a vertical rise to 25100 could be seen. Either way, the stage is set for new trading ranges.

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