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Nifty Outlook

Yesterday’s pull back stopped just short of testing our downsidemarker of 17940 before bouncing back swiftly. The day closed without fully achieving the 17200 objective but the 17800-18200 that had been in play so far, appears to be fully done.Consolidation is expected today, initially in the 18096-18040 region which may extend further downwards. If 17940 fails tohold, we may have to re consider 17670 or deeper, though acollapse is less likely today. Alternatively, successful bounce backabove 18096 could encourage us to look for 18400.

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