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Technical Outlook:

Nifty (Spot):

Nifty is consolidating after a decent rally where 16200-16175 is an immediate and strong support zone; below this, 16000-15900 is  strong demand zone for positional traders. On the upside, 16350-16400 is acting as a minor resistance zone; above this 16500/16600 will be the next target level. Traders are advised to remain with the ‘buy on dip’ strategy until the market shows any signs of reversal.

Banknifty (Spot):

Banknifty is consolidating near the 36000 mark where 35700-35600 is an immediate support area while 35200-35000 will be a strong demand zone at any correction. On the upside, 36500 will be immediate resistance; above this, we can expect a rally towards the 37200- 37700 zone.

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