The consolidation that had ensued through the day - Geojit Financial
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NIFTY OUTLOOK
The consolidation that had ensued through the day, after the initial spurt yesterday, suggest bullish exhaustion, especially given the negative divergence in weekly charts. But, patterns remain accommodative towards achieving the 16350 that we have been eying in the last few days. Alternatively, persistent inability to float above 16245 today would have to be considered as depletion in upside momentum, raising the chances of slippages to 16140-16030.
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