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Technical Outlook:

Nifty (Spot):

The overall structure of the market is weak however we are seeing some signs of short terms reversal. Nifty formed a bullish engulfing candlestick pattern on the daily chart that may lead to a pullback towards the 16400 level. On the downside, 15800 will act as immediate support while 15500 is a critical support level

Bank nifty (Spot):

Banknifty is also showing some signs of relief with a bullish piercing candlestick formation where 34000 will be an immediate hurdle while 35000-35500 is the next critical resistance zone. On the downside, 32500-32000 is an immediate demand zone while 31000 is the next major support.

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