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NIFTY OUTLOOK

Yesterday, Nifty turned lower after briefly penetrating our 17280 marker, and plunged to a fresh intraday low towards yesterday’s close. Though this appears to have added momentum to the 16500 trajectory, many Nifty components ended up with either fully or half formed morning star candlestick patterns. This suggest that the, should Nifty manage to float above 17050-100 region, a relief rally aiming 17385-450 could be on the cards. Alternatively, inability to float above 17050 could negate this view, but a collapse is less likely.

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