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NIFTY OUTLOOK

Nifty has failed to gather enough momentum for upsides, systematically being pushed back in the last few days. A collapse may not unfold right away, and we would look at 17920-870 as a potential turnaround point for the day. But this region may not set up for a vertical rise, but could allow for bears to cool off or prompt some bounce back that may be brief. Alternatively a break beyond 17780 might last till atleast 17350, initially. We favour a consolidation rather than a directional move in the next couple of days.

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