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Nifty Outlook:

In the last few days, we had consistently favoured an upside bias, and had even upped the near term target from 14580 to 14650 yesterday. Despite Nifty turning lower after testing 14556 yesterday, we remain hopeful of more upsides as long 14365 is intact. However, it appears that market has placed low bets on a breach of 14700s in the next few days, thus marking 14365-14700 as Target Stoploss S2 S1 PV R1 R2 915 - 930 883 877 888 896 907 914 78 - 81 73 75 76 77 77 78 245 - 250 234 230 235 240 245 250 744 - 760 720 721 727 734.6 741.1 749 Notes TATACHEM BRIGADE DBCORP VBL Stocks Buy at open or on dips to 730 Buy at open or on dips to 237 Buy at open or on dips to 75.5 Buy at open or on dips to 893 Actionable ideas MACD exhaustion Inverted hammer Inside bar doji MACD exhaustion * Recommendations are for 5 day holding period Traders' corner 14700s in the next few days, thus marking 14365-14700 as the breakout range. Until a breakout is seen, we prefer to take a “buy on dips” approach.

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