Market Watch : Fed likely to hold rates with oil continuing to rise by Geojit Financial Services Ltd
Nifty Outlook
Though Nifty 50 closed above 20 day SMA after a brief penetration, only 44% of Nifty 500 stocks managed to close above their respective 20 day SMAs. This figure is much less than that of last Friday’s, when Nifty had closed 0.5% below yesterday’s close. This points to broad market weakness, and is consistent with our fear that a return to 24060 is a likely scenario on the Nifty. That said, we will continue to expect the 24840-24770 region to attract bargain hunting interest. While slippage past the same could amplify bearish fears, a collapse to 24060 may not unfold right away, with 24500 region expecting to step in.
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