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Nifty Outlook

The swing higher following a false downside break found enough momentum yesterday to penetrate our upside marker after a brief pause. Though the upside objective of 23960-24130 had remained in our radar, we had attached low odds of achieving the same this week. That has not changed much, despite yesterday's show of strength. We are now at the upper extremity of a broadening wedge, with oscillators yet to straighten out negative divergences or overbought conditions. This construct allows for prices to pull back, but it would require a slippage past 23670/640 for open up 23460-350 possibilities again. Alternatively, if 23640 holds, expect a rise to 23830.

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