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Nifty Outlook

We had gone in expecting another phase of consolidation yesterday, or a leg of downswings, before bulls gained enough momentum to push beyond the 24637-700 region. This premise was challenged yesterday as Nifty floated above 24700 for reasonable stretches of time during the day. However, there was no tail wind to spark a 24900-975 move, and buyers were seen withdrawing swiftly during the closing phase, retiring the prices back into the 24630-700 region. This lends a weak bias for today. We may play for a 24550 move initially, with an intention to extend the objective to 24410-390, if pull back attempts fail to reclaim 24670. Alternatively, if 24670 is reclaimed in the initial hour itself, expect a leap to 24900-975, which though could require a few days to mature fully.

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