Market Watch : US Tariffs` effective date pushed to Aug 1; gives breathing room by Geojit Financial Services Ltd
Nifty Outlook
A week long downsides found support in the 25300 vicinity which is also where several pivots coincide, including the 38% fibo of the 20-30 June upmove. Friday’s late upswings managed to push Nifty beyond 25382, the 10 day SMA, is also a positive, bringing back the 26200-26500 trajectory back into picture. However, momentum is still dull, and oscillators’ signals also do not provide for a vertical rise. This leads us to believe that, upswings attempts will face challenges at 25500-588-650-730 points, followed by a turn lower as the week progresses. Downsides, for now are expected to be limited to 25300-24920.
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Quote on Market Wrap by Shrikant Chouhan, Head Equity Research, Kotak Securities
