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Nifty Outlook:

The break below the month old range yesterday did not yield a directional move down, as VIX cooled off by 14% after the opening hour, allowing Nifty to retract. The pattern formed thereof does not signal a reversal as strong as a hammer or a dragonfly candle stick pattern. Towards this end, our estimation is that the day is likely to open with bears still in control, but bulls could re group on dips below 15650. In the second half, we would look for a close near or above 15767, to decide on carrying forward longs. Meanwhile, directional moves on the downside may have to wait until 15450 is broken.

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