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Nifty Outlook

Following a week long consolidation and a break down on Friday, only 24% of Nifty 50 constituents ended up closing above their respective 10 day SMAs. This is the lowest number since early June. Parabolic SAR has also given a sell signal for the first time since late June. We have brought in the 200 day SMA in our calculations, which at 24100 is now over 4% away from present levels. Incidentally, 46% of both Nifty 50 and Nifty 500 constituents are now trading below their respective 200 day SMA. Our hopes are now on 24920, which is near the 50 day SMA to provide a window for reversal. Alternatively, an outright rise above 25230 could signal an intraday reversal, aiming 25420.

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