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Nifty Outlooktop

For the third consecutive day, Nifty swung back higher after dipping below 20 day SMA. The close thereof is the highest in five days, encouraging us to be open to the potential for large moves. This week so far, we had favoured a limited upside view, due to poor signals from momentum indicators. The 25588-650 region will continue to be challenging, but with higher chance of giving away, exposing 25730-850 as initial upside targets, followed by 26200. A vertical rise, is less expected though, but we remain prepared for the same, as long as above 25440. Failure to do so will expose 25300-24920.

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