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NIFTY OUTLOOK

Yesterday’s higher opening left not much to stretch during the day, and by close it appeared that bulls had given away the momentum. But last few days’ moves put in perspective, the flat close and the inside bar formed thereof yesterday, has negated the bearish engulfing pattern of the previous day, which at one point was threatening a collapse. We will go in today therefore, continuing to retain the 18500 objective for the near term, but 17947 peak will be a wall of worry that will have to be crossed before confidence returns to directional traders. However, we are fairly confident of a leap into the 18100-18150 region if the day’s volatility do not let Nifty slip much beyond 17790.

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