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Nifty Outlook

An evening star formation followed by Friday’s solid down move has unfolded at the top of a relentless upmove that has been on since the 7th of April. Ideally this down move aims for the 23300-23050 region, with initial support seen near 23670. Meanwhile, the support offered by the March peak, from which a pull back was staged in the dying hours of Friday lends some hope for a quick resumption of uptrend, without a long drawn correction. However, for this, Nifty needs to remain above 24190, in which case 24500-850 could come back into the horizon. For opening trades, we will keep 23950-24070 as the key pivots.

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