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Technical Outlook:

Nifty (Spot):

Nifty is consolidating with high volatility but the "buy on dip" trend is intact where 15875-15900 will be the immediate resistance zone; above this, it is likely to head towards the 16000 mark. On the downside, 15675-15650 is a strong support area; below this, we can expect any weakness towards the 15450 level.

Banknifty (Spot):

Banknifty witnessed a smart recovery from 34500-34250 demand zone which is a good sign where 35100-35200 will act as an immediate resistance zone; above this, we can expect a short-covering rally towards the 35500-35750 zone. 34700 will act as an immediate intraday support at any dip.

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