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Nifty Outlook 

The enthusiastic upmove that has unfolded in the week so far is yet to spread to the broader market with nearly 60% of the Nifty 500 constituents still trading under their respective 20 day SMAs. Nevertheless the both Nifty and Bank Nifty have signalled further uptrend, even though they exhibit different chart patterns. Nifty's bullish engulfing candle on the weekly charts as well as a two-week high breakout encourage us to look beyond 23480, hitherto assumed to be an end point to the ongoing uptrend, and aim for 23700-840. We would place our downside marker at 23380 for aggressive longs, with preparedness to switch sides only after a few hours' trade below 23190.

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