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Nifty Outlook

The constant swings and the lack of respect for key resistance or support points is disappointing, but is consistent with the weak directional moving indicators, that dissuades the trend from taking off in either directions. Yesterday’s close below 24360 lends a weak bias at open, requiring a close above 24420 to reconsider upside bias. But be advised that , given the recent unwillingness to make much headway, even a spike above, might turn out to be brief and faster downside might evolve soon after entering 24540-670 region. Downside marker for now continues to be at 23975, which aims to prevent a 22800 plunge, but for the time being, intermediate supports at 24300-230-130 appear sufficient to restrain or slow downside attempts.

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