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Daily Technical View on Nifty

* The near-term trend of Nifty remains positive. The present weakness from the hurdle of 24200 is unlikely to have larger damage to the sentiment of the market.

* Further consolidation or weakness from here could find support around 23750 levels (low of Thursday’s large bull candle).

* We expect this could be a buy on dips opportunity.

* Upside bounce from the lows could encounter hurdle again around 24200 levels.

* However, a decisive up move above 24200 could open the next upside towards 24400- 24500 (near another resistance of down sloping trend line)

* Broader market indices are in a bounce back mode from near the key lower support and one may expect a sizable upside bounce in the broad market indices by coming week.

* Hence, the midcap and small cap stocks could be in limelight for near term.

* Emerging and Developed Markets have reached crucial supports, and we could expect positive move in them in coming days.

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