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Technical Outlook:

Nifty (Spot):

Nifty witnessed a smart pullback and SGX Nifty is suggesting a gap up opening above an important hurdle of 16400 level that may lead to further short-covering rally towards critical hurdle of 16800. Nifty has to sustain above 16800 level for any meaningful reversal otherwise there will be a risk of selling pressure near the 16800 level. On the downside, 16400 will act as immediate support after a gap-up opening.

Bank nifty (Spot):

Banknifty also witnessed a smart pullback and it is likely to open above hurdle of 34000 level that may lead to further short-covering rally towards 35000/36000 levels. On the downside, 34000 will act as immediate support after a gap-up opening.

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