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Technical Outlook:

Nifty (Spot):

Nifty witnessed some correction from 15900 level but the uptrend is intact with buy on dip texture till Nifty trades above 15335 level where 15570 is immediate and important support level; below this, we can expect some selling pressure towards 15450/15335 levels. On the upside, 15770-15800 is an immediate resistance zone then 15900/16000 will be the next resistance levels.

Banknifty (Spot):

Banknifty is underperforming but 34500-34000 is a critical demand zone and the chances of bounceback are still there till it trades above 34000 level while if it slips below 34000 level then we can expect selling pressure towards 33500 level. On the upside, 35000 is an immediate hurdle and if Nifty manages to trade above this level then we can expect some short-covering rally towards 35500 level.

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