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Technical Outlook:

Nifty (Spot):

Nifty is witnessing bounceback from the lower range of 15650-15900 trading band where 15750-15800 is an immediate supply zone but SGX Nifty is suggesting a gap up opening above this zone and if Nifty sustains above 15800 level then it may lead to a short-covering rally towards the 15900 level. 15730-15700 zone will act as an immediate support area after a gap up opening; below 15700 we can expect any weakness.

Banknifty (Spot):

Banknifty is respecting 34500 level where 34950-35000 is an immediate resistance zone; above this, we can expect a short-covering rally towards 35500/35800 levels. 34800-34700 will act as immediate support after a gap-up opening.

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