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Nifty Outlook
Friday's doji candle stick pattern as well as the close below lower Bollinger band sets up environment for a pull back, with RSI also attempting to make turn higher from sub 30 levels. However, we are not certain about a vertical recovery, as challenges are aplenty, urging us to look for a push above 23733-88 region before playing upmoves aiming 24111. That said, short recoveries off the 200 day SMAs are usually greeted by rejection trades initially. Meanwhile, slippages may not stretch past 22800 though in the event of one more such downside attempt, especially with a 4.2% decline in VIX on Friday suggesting a lack of panic.

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