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Nifty Outlook

Even though 24150 stepped in multiple times last week to avoid collapse attempts, the swings higher thereof clearly lacked momentum. This is because, the 24470-540 region that kept a lid on upsides last week, has 24660-770 obstacles in close proximity. While we expect these levels to be challenged this week, broader trend now requires multiple days of close above 25100 in order to fully abandon the sell-on-rallies approach that continues to be the dominant theme. Alternatively, inability to float above 24470 or a direct fall back below 24150, will expose 23900- 23300. Either way, Nifty appears ready to move out of the 24150-470 region this week.

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