Market Watch: Nifty poised for a positive start to the week by Geojit Financial Services Ltd
Nifty Outlook
The turn lower last week, from the 50 day SMA appeared to signal that recovery push may be over. But, the close above the 20 day SMA on Friday, after the initial scare suggests that there is enough risk appetite to push higher. We will however, need confirmation from a push above 24870 to aim beyond 25400. Alternatively, inability to close above 24700 or a direct fall again below 24500 could re-expose 24075, the 200 day SMA, as well as the fibo extension target of 23860. Such an outcome though, is not anticipated as is, given the muted VIX, which has steadfastly declined through last week, to end near 10.78 on Friday.
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