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Technical Outlook:

Nifty (Spot):

Nifty (Spot): Nifty has fallen below the key support level of 16800 which led to sharp selling pressure in the market however 16200-16000 is an immediate demand zone where we can expect some pullback while below the 16000 level, 15700/15500 will be the next support levels. On the upside, 16650-16700 will act as an immediate supply zone while 16900-17000 will be the next resistance area.

Bank nifty (Spot):

Bank nifty (Spot): Banknifty has also slipped below the psychological level of 35000 where 34000 is an immediate and strong support level while 33500 will be the next support level. On the upside, 35350-35500 is an immediate resistance zone while 36000 will be the next hurdle.

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