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Mid-session Outlook(02-08-2013)

As Indian Rupee is down by 35 paise today therefore sentiment is weak and Indian markets slipped as well as traded in Red but today down moves have formed Bullish falling channel in last 1 hour therefore view is cautious despite falling Rupee. Just watch for valid break out of 5712-5769 because Nifty traded last 4 hours within this range yesterday with mixed patterns formations and today also traded most time within this range.