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Nifty Outlook:

The dip and the subsequent pull back yesterday, has put a bull flag in formation. This further raises the conviction towards 16040, our near term target. Expect the first challenge today, to be posed by 15660 the recent peak, but we expect that only to be momentary. Our approach today would be to collect all the dips, until 15750 is achieved, post which, it would be all about holding positions, while protecting downsides. For the day, dips upto 15580 would be worth buying, but inability to push above 15660 or a slippage past 15580 would weaken the bullish construct.

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