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Technical Outlook:

Nifty (Spot):

Nifty is facing stiff resistance at 200-DMA and SGX Nifty is suggesting a big down opening on the back of weak global cues where 16350 is a critical support level. If Nifty manages to hold its level at 16350 then we can expect recovery till 16800. On the downside, 16250 is an immediate and strong support level; below this, Nifty may again revisit the 16000/15900 support zone.

Banknifty (Spot):

Bank nifty has an immediate support at 35650 while 35200 is an immediate and support level. On the upside, 36500/36700 is an immediate resistance zone then 37000 is the next resistance area.

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