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NIFTY OUTLOOK

The solid gains that followed the clean break of 16350 on Thursday, failed to shake off negative divergences that are very visible in the 60m and 240m charts. We are of the opinion that such negative divergences usually co-exist with trending markets for longer periods before vulnerability set in. Favoured view expects bulls to regroup once near 16455 and push higher, but gains are likely to be limited today. We have marked 16455-397 as a zone of indecision but will wait for break below 16300 to turn all bearish.

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