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Technical Outlook:

Nifty (Spot): Nifty is facing resistance at the 16400 level but the overall view will remain bullish till Nifty trades above the 16000-15950 zone where 16100-16080 will be the immediate demand zone to buy any intraday dip. On the upside, 16300 will be immediate resistance while if Nifty manages to take out the 16400 level then we can expect a short-covering rally.

Bank nifty (Spot): Banknifty is facing resistance at 20-DMA but 34000-33900 is a strong demand zone to take fresh buying positions; below this, 33500 will be the next support level. On the upside, 34800-35000 is a critical supply zone; above this, we can expect a short-covering rally towards 35500/36000 levels.

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