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Nifty Outlook

While Nifty formed an inside bar candle stick pattern yesterday, 38% of Nifty 500 stocks rose above Tuesday’s high, an indication that broader market’s risk appetite is on the rise again. Incidentally this was one of the premises that had prompted us to root for a reversal yesterday from 23137, despite the declines in the previous days. We eye a continued ascent to 23450, but inability to float above 23270 after initial volatility could see slippages towards 23050-22960. But as maintained yesterday, penetration of this region may not revive calls for a crash to 21800 right away, as 22730-650-522 appear well equipped to fend off large downside attempts for now.

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