Market Watch: Traders eye Fed guidance on January rate cut - Geojit Financial Services Ltd
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Nifty Outlook
With yesterday's extended slippage, Nifty has now retraced to 78.6 fibo of the rise from last week's lows. We are now close to slipping back to bear territory, with just 20% of Nifty 50 stocks trading above 10day SMA, the lowest since mid November. But, 32% of NSE 500 constituents are trading above this key MA, suggesting that broad market is yet to see a crack, leaving room for a mean reversion upmove, aiming 24540. However, slippage past 24260 would need a test of 23850 before bulls attempt to regroup.
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