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Nifty Outlook:

Our bullish view of yesterday was conditional upon clearing 15790, which is precisely from where Nifty turned lower yesterday. This down move having stretched as far as the lower bound of the 300 point trading range, Nifty looks rejuvenated for a yet another upswing, as is to be expected of a low VIX environment. Hence, despite the moderate rise in VIX, volatility expectations continue to be low, suggesting that even a break of 15600-15900 may not trigger a sustainable move. Nevertheless we will go in today with a moderate positive bias as long as above 15780/60.

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