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Nifty Outlook
The entry into the 24450-540 region sparked volatility, and the turn lower was held above 24300, both on anticipated lines. Though the supports have held, the hesitance to push higher through the week and the volatility thereof are indicative of exhaustion, raising potential for more forceful attempts to breach the lower supports. We hope that the 24300-150 region or the 23900 horizontal support will hold, but have no firm downside targets for short termat this point. Alternatively, we will look for consistent trades above 24470 or a direct rise above 24540 to spark quick upside attempts. As maintained yesterday, favoured view expects bears to regroup again at 24660as well as 24770, but not necessarily leading to a collapse, but keeping both bulls and bears interested for a while.

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