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Nifty Outlook:

We had started this week with a 15500 view, with eyes on bullish exhaustion. This was in full display yesterday, with the sudden drop to 15567, after failing to fully meet our day’s target of 15815. However, the pull back above 15625 in the closing minutes, signals bulls’ attempt to regroup. Early upside attempts today are likely to be challenged at 15730. Our favoured view would be to buy dips, but expect volatility to dominate if Nifty is unable to float above 15685. A collapse similar to yesterday, is less expected though.

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