Nifty outlook by EpicResearch

Nifty falls as dismal data from the global markets spoil the buffet for bulls with a flavor of volatility. 10980 - 11000 continues to haunt the bulls as higher PCR also indicates the jitteriness in short term ahead of budget.

This fall can be looked in as a possible pullback from the recent break of a symmetrical triangle. The point of inflection for the price action on the upside is at 10980 while on the downside it is at 10780. The breach ofthese lower levels can bring in a furious selling pressure that can result in a short term downtrend for a few days. We may see the selling pressure expanding to 10600 - 10450.

We also suggest traders stay cautious with very tight risk management as the expansion in volatility is already seen. And, with global markets absorbing China's lower than expected GDP data at 6.4%; it can hurt he positive sentiment in the short term. A range may only be seen breaking with either side breach of 10980 - 10780.

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Posted in: Indian Market Tips