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Below the Views on Technical Market by Anand James, Chief Market Strategist, Geojit Financial Services

Yesterday’s dramatic drop in the first half was bested by the sharp turn higher from the vicinity of 24320 pencilled in yesterday as the downside marker. The close thereof fully achieved the near term objective of 24700, while also raising hopes of an early achievement of our medium objective of 25262 set in the last week of November. However the long wicks on either side of yesterday’s candle points to potential for indecision today. That more than 57% of NSE 500 stocks pulled back atleast 1% from the top is also indicative of nervous bulls. This was not visible on the index though as 82% of Nifty’s constituents recorded a pull back of under 1% from the day’s high. We are not convinced about chasing rallies today, and are inclined to see the Nifty swinging on either side of 24650.  - Read more

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