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Technical Outlook:

Nifty (Spot):

Nifty formed a bullish piercing line candlestick on the weekly chart after taking support at 100-week SMA which indicates a pullback rally on the card. On the upside, 15700-15900 is an immediate supply zone; above this, we can expect a rally towards the 16050/16200 level. On the downside, 15500 should act as strong support now.

Bank nifty :

Banknifty is bouncing back from the key support of 32500 where 34200-34500 is an immediate resistance zone; above this, we can expect a rally towards the 35200-35500 zone. On the downside, 33000 should act as immediate support.

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