Market Watch : US rate cut hopes revive; treasuries fall - Geojit Financial Services Ltd
Nifty Outlook
An inverted hammer has now followed two days of indecision that also had reversal candlestick patterns. Meanwhile, we were looking for a sharp swing to 24500 yesterday, should 24050 hold, but momentum went missing, restricting Nifty to the vicinity of 24250. But hopes of the same remains alive today as well, as 96% of the Nifty constituents closed above previous low, pointing towards bargain hunting expecting continuation of uptrend. The 24600-850 region that challenged December’s upmove, will be in eyeline now. Alternatively, inability to push above 24500 or a direct pull back below 24250 will confirm weakness that oscillators have begun to show, but it would require a break below 24050, inorder to prompt us to look at a move down to 23670.
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