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Technical Outlook:

Nifty (Spot):

Nifty is respecting the 15700-15500 zone beautifully however 20-DMA is acting as a strong hurdle in the upside which is currently placed at 15827 level; above this, we can expect a short-covering rally towards 16050/16200 levels. The bulls will have the upper hand till the Nifty trades above the 15500 level while below 15500, the weakness may again resume towards 15350/15180 levels.

Bank nifty :

Banknifty is respecting 33000 level however 20-DMA is acting as a strong hurdle which is currently placed at 33700 level; above this, we can expect a short-covering rally towards 34150/34500 levels while if it slips below 33000 level then 32500 is the next critical support level.

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