Market Watch : Will bulls regroup ? - Geojit Financial Services Ltd
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Nifty Outlook
Undoubtedly, the calls for a large downside has become louder than ever. But with yesterday's sharp fall ending without penetrating recent low of 23816, and VIX's muted rise of just 2.2%, we are encouraged to look at the possibilities of a mean reversion move higher. We are now 4.3% below the 50 day SMA, the farthest this key MA has been from price since late September, when Nifty was leaping to record peaks every other day, and a sustained downtrend followed. In addition, MACD histogram has been signalling a positive divergence for a while lately, urging us to consider the reversal conditions with enough merit. Alternatively, inability to float above 23816 after early negativity, will dilute our upside hopes, but we are not prepared to look past the 200 day SMA, now near 23500, at present.
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