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Technical Outlook:

Nifty (Spot):

Nifty is consolidating with positive bias where 15800 is acting as an immediate hurdle. If it manages to sustain above this level then we can expect a move towards the 15950-16000 zone. On the downside, the 15675-15650 zone is an immediate and strong support area; below this, we can expect some selling pressure towards the 15450 level.

Banknifty (Spot):

Banknifty is underperforming but 34800-34600 is an immediate and strong support area, below this we can expect some selling pressure where 34300-34000 is a critical support area. On the upside, 35250 is an immediate hurdle; above this, we can expect positive momentum towards the 35700 level.

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