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Nifty Outlook

Upsides never really threatened to evolve into anything meaningful yesterday, as 24360 remained undisturbed and the distribution thereof succeeded in landing a sizeable downside. However, while pencilling in the downside prospects yesterday, we had also lined up supports at 24300-230-130 deeming them sufficient to restrain or slow the downside attempts. As it turned out, they were sufficient for a pause and brief bounce towards a close. But this has left no definite signs of a reversal, exposing 23975 and 23670, while also bringing 22800 in the radar. Bounce back prospects for the day are restricted to 24290, but inability to float above 24190 will allow the bears to dominate though bigger moves may have to wait till Friday.

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