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Technical Outlook:

Nifty (Spot):

Nifty is resuming its strong bullish momentum followed by a pullback where it manages to close above the previous swing high of 16275. SGX Nifty is suggesting a big gap up opening near to 100-DMA of 16520 which is an immediate hurdle; above this, we can expect a rally towards 16600/16800 levels. On the downside, 16275 will act as immediate support now while 16050 is a sacrosanct support level.

Bank nifty :

Banknifty is outperforming where 36000/36300/36500 are important resistance levels. On the downside, 35400/35100 will be immediate support levels.

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