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NIFTY OUTLOOK

Apart from two episodes where bears dominated, Nifty managed to keep upside hopes alive, broadly in line with expectations. But the turn higher having evolved sooner than expected, we would continue to approach the 16700 region with suspicion. A direct rise above 16700, could however complete a flag breakout, setting up an upmove aiming 16865-17200. Alternatively, consolidation inside 16630-16780 for extended period could render the trend vulnerable for falls, first towards 16585-520 and then to 16450. However, favoured views low chances of a collapse, and is expectant of a close above 16540.

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