Market Watch: Nifty eyes fresh cues to push higher ahead of derivatives expiry by Geojit Financial Services Ltd
Nifty Outlook
Rejection trades resurfaced again, pushing Nifty again below the 10day SMA for the second time in four days. This indicates lack of momentum, and the need for consolidation at lower levels, before another upswing may be attempted. Towards this end, we expect another test of 24500 vicinity. That said, consistent hourly close above 24755, our downside objective pencilled in yesterday, is a sign of bargain hunting, which may encourage some positivity initially. Such a move would gain strength only on clearing 24886 though, and its upside prospects may be limited to 25077 for now.
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Perspective On markets by Mr. Vikram Kasat, Head - Advisory, PL Capital
