Nifty formed a long bear candle, indicating a continuation of the downtrend. The positive chart pattern has been negated by Nifty moving below the 24,753 support level. The underlying trend remains negative, with support at 24,500-24,400.
Towards this end, we retain our last week’s view of 25390. Downside marker meanwhile would be at 24770, with supports below seen at 24470 and
Headline inflation in India also remains fairly benign with persistent inflation pockets like vegetable prices unlikely to be materially influenced by monetary policy. All in
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