Market Watch: Focus shifts to earnings - Geojit Financial Services Ltd
Nifty Outlook
That Friday managed to keep the day’s gains is a signal that market may have come to peace with the worst case scenarios of trade war. However, despite this, VIX fell just 6%, which does not sit well with the prospects for a vertical rise. We are still over 46% above the VIX levels seen prior to last week’s mayhem, suggesting that caution is still lurking. With this in perspective, we are not comfortable chasing prices much beyond 23000 for the time being, unless there is drastic fall in VIX. With a shortened trading week, the odds of the same remain low. Alternatively, direct rise above 23000 could tempt a move towards 23400, or even 24000 in a very optimistic scenario, but be sure to expect turbulence.
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