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Market Watch: GDP forecast trimmed Eyes on RBI, later this week - Geojit Financial Services Ltd
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Nifty Outlook
Last week, we had positioned ourselves for a pull back initially, having run up too quickly on the previous Friday. The consolidation thereafter, and the recovery swing from 23900 post expiry points to a departure from the sell-on-rallies mode prevailing since 27th September. These are initial signs of regrouping of bulls and we are encouraged to eye 24700, the 50 day SMA, as the near term objective. Alternatively, inability to float above 24230 early in the week, could see Nifty drifting lower again, and the recovery attempts may have to wait until 23700 is seen.
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