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Technical Outlook

Equity benchmarks snapped three weeks losing streak underpinned by global recovery. The Nifty concluded truncated week with a gain of 1.3% at 17315. Broader markets relatively outshone the benchmark as Nifty midcap, small cap risen ~2.5%, each.After gap down opening use pullback towards 17168-17192 for creating short position for the target of 17078

Going ahead, we expect index to consolidate in the broader range of 17500-16700 amid stock specific action. The Nifty has rallied 680 points over past five sessions that hauled short term oscillator in overbought territory, indicating couple of days breather ahead of US inflation data cannot be ruled out. However, such a breather should not be construed as negative instead any dip from hereon should be used as buying opportunity amid onset of earning season, to ride next leg of up move towards 17500.

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