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NIFTY OUTLOOK

After the pause at 17833 on anticipated lines, the recovery rally resumed in the second half, which now aims to breach the 17966- 18020 barrier. We expect the momentum to take Nifty as far as the 18170-400 region before distribution emerges. We will revisit the 17350 view once this move unfolds. Inability to stretch much beyond the 18020 vicinity might derail the upside momentum. But this may not lead to a collapse, but in turn, lead to a consolidation in the 17500-350 band in the next few days, which could improve the chances of a sustainable uptrend.

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