While ruling out directional downsides, we were keen to see a close above 15767 yesterday. Infact, almost all dips to this level, post the opening hour’s volatility, found buying, indicating a positive undercurrent. However, given the low VIX environment, it was important to take down key resistances, to maintain momentum. This is something Nifty failed to do yesterday on approach to 15810, reducing the chances of an upside gapped opening today. The soft opening thereof today would attract bargain hunting in the 15735-15700 with an eye on 15890-970, but a slippage into the 15700-650 region could mean that 15767 will end up as a lid for the day.
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