Market Watch: Will robust Q1 GDP and above-normal rainfall forecast help Nifty bounce back? by Geojit Financial Services Ltd
Nifty Outlook
While it took 8 days for Nifty to swing higher from the lower bollinger band to the upper bollinger band, we are close to the lower bollinger band again in just another 6 days. August low of 24337 is precariously close, a break of which could expose 24077, the 200 day moving average, and the fibo support of 23860. But, it cannot be ignored that, except for the indecisive day on August 25th, the declines so far have been large, raising the possibility of a mean reversion move higher. For this to materialize, a quick swing back above 24350, in the event of a first half collapse, or a push above 24550-608 band needs to be seen.
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