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Technical Outlook:

Nifty (Spot):

Nifty is trading near its 200-DMA of 16800 after a brutal fall and if Nifty manages to hold this level then we can expect a bounceback where 17050-17100 will be the first resistance zone; above this, we can expect a short covering move towards 17320-17380 zone while if Nifty starts to trade below 17800 level then selling pressure may get further extension towards 16425/16000 levels.

Banknifty (Spot):

Banknifty has slipped below its 50-DMA of 37160 where 200-DMA of 36500 is the next important support level; below this, we can expect further weakness towards the 36000- 35500 zone. On the upside, 37250-37500 is an immediate resistance zone while 37750-38000 is the next resistance zone.

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