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Nifty Outlook:

The 15775 region helped Nifty swing higher twice yesterday, but on both occasions, the 15810-15835 proved too stiff. While we had pencilled in this region yesterday to pose challenges, we were also hoping for a push beyond. Inability to do so undermines the bullish stance that we have been favouring over the last few days, despite identifying several bullish exhaustion signals. Our reason was lack of signals towards directional falls, and towards this end, we would continue to have cautious longs, but only on a buy-on-dips mode while above 15685, and look to chase again rallies on break beyond 15900.

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