Market Watch : US GDP and inflation numbers reduce rate cut chances - Geojit Financial Services Ltd
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Nifty Outlook
At the start of this week, while pencilling in the upside objectives for short term, we had favoured pull back moves initially. So, far such moves have dominated, but we are not in a "sell on rallies" mode any more, which has been the case since 27th September. Yet, key resistances have not been breached, and mean reversion moves have not stretched far enough to spark the next upmove. Towards this end, despite large upsides yesterday, we will continue to expect 23900. Alternatively, swing higher from 24030 or a direct push above 24420 could get us interested again with the upside prospects.
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Sensex slumps 1,190 pts, Nifty closes below 24,000
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