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NIFTY OUTLOOK

The day long decline on Wednesday, after testing 16700, suggest that the negative divergences that we had discussed multiple times early this week, may have become less potent now. This allows Nifty to attempt a recovery early today, aiming 16425. The 17130 view remains intact, but with 16550 and other challenges lying ahead, we would not get ahead of ourselves at this point. That said, the ongoing down-move can easily stretch till atleast 15970, and we are attempting only a reversal play today. However, favoured view seeks to look for any decline in momentum in 16425-550 region on the bounce, or a direct fall below 15260 to put that downside objective in play.

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