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Nifty Outlook:

Nifty did manage to pull back yesterday after suffering only a minor penetration of the 15685 region. However, the turn of events does not inspire confidence. We will have our eyes on 15753, above which Nifty has to push past early in the day inorder to shrug off yesterday’s bearish hang over. Though we have our eyes on 15090, we are not convinced to see a collapse as the favoured view, and will look for a close today above 15720, to keep bullish hopes alive. Meanwhile, expect initial approaches to 15753 to initiate bear plays aiming 15560. Such a move will present, perhaps, a better opportunity for the bulls to regroup and get back into the 16350 trajectory.

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