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Nifty Outlook:

While acknowledging the low VIX environment, we had stated our preference for an up move aiming 15950. This is probably in move, with yesterday’s brief dip into the 15780-740 attracting firm buying interest. This move has pushed Nifty into the congestion zone of 15870-15900, but favoured view expects a breach of the same. Meanwhile, expect 15840-817 to arrest slippages that are likely to be seen, given how stubborn 15870 vicinity has been on previous approaches. Inability to do so will see Nifty drifting and settling near 15760 again, but a vertical fall is less likely.

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