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NIFTY OUTLOOK

Yesterday’s pullback after the early scare in the first half, and the inability to push beyond 17561 in the second half, despite several and strong up waves, confirms that a consolidation is in play, rather than a directional move. Favoured view expects the same to continue today, without requiring to a take a call on the chances of either 19k or 16k for now. During the day, it would be critical for Nifty to float above 17420 to maintain potential for an 17750-800 move. Inability to do so could clear path for 17000.

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