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Nifty Outlook

Momentum indicators point to strength in trend, and could potentially pave way for large gains in the near term. Beyond the seasonality threats, we also have a reluctant 50 day SMA whose lag of 3.25% is close to historical extremes which should call for intermittent drops or several flat days in the month ahead before large gains could be seen. With this in perspective, we will have our eyes on 25365-25800 as the nearest upside objectives, while downside marker may be placed near 24800, a crack of which should see 24440 as the first downside objective. But, given the soft closing of Friday, it is fair to expect a consolidation that needs to be contained above 25200 for continuation of uptrend today.

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