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Nifty Outlook

Upsides kept getting turned down from 24190 which we had pencilled in as pivotal for Wednesday, but the turns lower never really threatened a collapse, justifying our expectation of larger moves on Friday, ie today. We will thus begin the day, looking to ride runaway gaps that should unfold once above 24190. We will set the initial objective at 24327, but remain weary of the lack of present momentum that could trip the upmoves near the recent reaction high of 24475. Directional moves now rest on the ability to push beyond this for upsides aiming 24900 and beyond, while directional downsides depend on whether 24227 can restrain falls, failure of which should expose 23975 and 23670, while also raising the odds of 22800, as we would now be falling from a higher level than earlier.

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