We aimed 24400; 3-day supertrend may push 24900 ahead soon - Geojit Investments Ltd
Nifty Outlook
We had gone in last week with an objective of 24400. But with three days of close above super trend, an extension to 24900 is on the cards. Volatility expectations would be key for this set up, but for now, the 7% decline in VIX on Friday, dragging it well below 19, points to let up in panic-relief driven seesawing moves that dominated the month so far. This augurs well for directional upsides. That said, present VIX levels does allow for large trading ranges. We will hence retain volatility expectations, with 23693 critical for upside hopes. Slippage past the same could expose 23465 or set off a gap filling drop aiming 23130.
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