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Nifty Outlook

While a marubozu candle stick formation on Thursday lends a weak bias, the hourly and weekly charts provide compelling alternate possibilities. Weekly charts show that a piercing pattern has been avoided, which suggests that a downside signal seeking to reverse the previous week’s upside is not fully formed. Meanwhile, a W pattern in hourly chart seeks to put an end to the corrective downsides that have been on since turning lower from the 20 day SMA on 10th March. These encourage us to pursue the possibility of upsides early in the week but would still seek confirmation from a push above the 22587-633 band, before getting on to the 23000 move. Inability to do so, or a direct fall below 22319, could expose 21700.

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