A break above 23,500 may clear Nifty’s path to 24,000

SUDEEP SHAH HEAD – TECHNICAL & DERIVATIVE RESEARCH DESK, SBI SECURITIES

Where is the Nifty headed this week?

Market’s focus would now shift to monsoon and the Union Budget. India VIX has cooled off 60% from the highs of 29-30 levels to the 13 zone, implying smooth sailing for the markets in the near term. Chart patterns suggest 23,200-23,250 will act as a crucial support and a possibility of consolidation in 23,200- 23,500 zone looks more likely.