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Nifty Outlook

The consolidation band of 24770-850 turned down yesterday’s upside attempts as feared, and 24500 had to step in again to attract bargain buying and arrest the declines. But, at the end, 35% of Nifty 500 stocks closed below their respective 20 day SMA, the highest number of stocks to do so in the last 5 days. Further, 40% of the Nifty 500 stocks closed near their respective day low, reflecting the overall bearishness. Incidentally, when a similar number of stocks showed this behaviour last Wednesday, a bounce back evolved on the next day. We will go in today, hoping for such a fight back, amidst the overall bearishness, but until 24850-25077 band is cleared, volatility could persist. Near term supports beyond 24500 are at 24380 and 24060.

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