Market Watch : CPI eases reviving rate cut hopes - Geojit Financial Services Ltd
Nifty Outlook
A double bottom pattern formed in hourly chart as result of yesterday’s upswing from the 22319 vicinity and the hammer formed thereof, encourages us to weigh the prospects of yet another solid upside attempt. Also, we are yet to see large gains despite the MACD signal line bullish crossover last week. While this brings back 23000-23500 back into the radar, we prefer to see a few hours’ trade above 22619, the 20 day SMA, before committing on the upside. Alternatively, inability to float above 22410 could be taken as an early sign towards a downside break down. Until these materializes, a sideways bias as expected yesterday as well, could prevail.
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