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Nifty Outlook

While we had high conviction towards dips getting arrested near 24900 on the day before, and the upswings thereof testing 25150 again yesterday, the turbo charged upmove yesterday towards close took us by surprise, especially as the recent few days' pattern now looks very similar to that in late July, in the lead up to the August's collapse from the peak. That VIX did not respond much to yesterday's upmove also gives enough reason not to expect a major follow through push higher today. That said, we still have enough days until 18 Sep, to meet 25800, our long standing upside objective. For the day, initial dips are expected to be contained near 24240 for a slow upswing thereof, but a direct fall below 24150 could let bears dominate.

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