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Nifty Outlook

The slippage and close below 24260 has upped the chances ofa test of 23850 pencilled in yesterday. Given the fairly soft VIX, and the fact that oscillators have not had enough time between the recent trough and the crest, inorder to peak, the fall that is expected today is less likely to be sustained. This view is also supported by the fact that Nifty has now drifted away the most from its 10 day SMA since 21st of November, when we saw the index reversing the sharp downtrend that was on since late September after hitting record peaks. Bollinger band support at 23668 and 23263 are likely to step in, if downsides get extended, but favoured view expects such drops to be brief and we should see a close back above 23850 today or tomorrow

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