Market Watch : Trend evenly poised - Geojit Financial Services Ltd
Nifty Outlook
On Monday, the rejection trades from the 20 day SMA as well as the evening star candle stick formation had signalled a reversal, forcing downside gapped opening yesterday. Fortunately, the 22350/300 region we had pencilled in as the downside marker yesterday attracted enough buying interest to force an upswing that lasted through the day. While this has neutralized the previous day’s negativity, inability to push above 22520, our upside marker, puts the trend evenly poised. Expect swings on either sides, before a directional clarity emerges. Until couple of hours’ close above 22520 is seen, we prefer not to chase upsides.
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