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NIFTY  OUTLOOK

Nifty has finally reversed after having fallen for 8 consecutive days. It has strongly closed in the positive territory from quite an oversold territory; hence a further bounce can’t be ruled out. The recent decline is the first leg of the downside that has started from 10920 levels. It has bounced back till 23.6% of the recent fall and a 38.2% retracement of the same is expected which comes to 10620, hence that is the short term target. On the lower side 10490 is an immediate support hence that is the stop loss. So, for the short