Nifty Outlook - Fed minutes awaited, as Hormuz strait approaches normalcy by Geojit Investments Ltd
Nifty Outlook
Despite the consecutive weeks of gains, Nifty has only reached the April’s highest closing figure from where a multi month downtrend had begun. Friday’s pull back is good in a way, because it keeps the uptrend away from premature collapse, as the oscillators had begun to show signs of exhaustion. We will continue to see 23800 a strong downside marker while we chase short term upsides with an eye on 24170. Expect whip saw moves to 24600, which may not be sustainable initially. However, a close above 24400 could render the trend stable for a 24800-25250 move.
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