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Nifty Outlook:

The long legged Doji of Friday indicates major indecisiveness, severely derailing the bullish momentum that has been on since reversing the low of 20th Jul. This pattern as such is not dangerous but given how easily bears got upper hand at the key resistance region of the 15870s, the prospects of 16100-300 appears significantly reduced. However, if Nifty manages to float above 15760 after early weakness, bulls could re group. Inability to do so, could be a sign that the month’s lower range extremity of 15600s could be broken, exposing 15450-250. But, VIX being low, a collapse is also not among the initially favoured moves.

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