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19-12-2024 10:18 AM | Source: Geojit Financial Services Ltd
Morning Nifty and Derivative Comments 19 December 2024 By Anand James, Geojit Financial Services
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Below the Quote on Technical Views by Anand James, Chief Market Strategist, Geojit Financial Services
Nifty outlook:
The slippage and close below 24260 has upped the chances of a test of 23850 pencilled in yesterday. Given the fairly soft VIX, and the fact that oscillators have not had enough time between the recent trough and the crest, in order to peak, the fall that is expected today is less likely to be sustained. This view is also supported by the fact that Nifty has now drifted away the most from its 10 day SMA since 21st of November, when we saw the index reversing the sharp downtrend that was on since late September after hitting record peaks. Bollinger band support at 23668 and 23263 are likely to step in, if downsides get extended, but favoured view expects such drops to be brief and we should see a close back above 23850 today or tomorrow. - Read moreAbove views are of the author and not of the website kindly read disclaimer
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