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Nifty Outlook

A firm opening yesterday could not find enough momentum. Hence, even though nearly 70% of Nifty 500 constituents rose above the previous day’s high, only about 33% closed above it. But, only about 12% of them closed below previous day’s low suggesting that the rejection trades were not strong either. This retains the possibility of the nearest peak of 25235 to be overcome this week, while also projecting 25460 as the nearest objective and 26250 as an optimistic objective for the near term. That said, inability to float above 24950 would prompt us to revert to risk off mode, with initial downside objective at 24755. A collapse is not expected, but 24500 will stand in the way of activating a 24060 move.

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