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Technical Outlook:

Nifty (Spot):

Nifty is pausing in the 16200-16300 zone followed by a strong rally however the overall trend is strong where every dip will be a good buying opportunity. On the downside, 16050- 16000 is an immediate demand zone then 15900 is the next support level. On the upside, if it manages to trade above the 16300 level then we can expect a rally towards the 16500 level.

Bank nifty :

Banknifty is outperforming and it managed to close above its 100-DMA and is ready to head towards the 36000 level however 36500 could be an immediate psychological level. On the downside, 35200 is immediate support then 35000-34800 is the next demand zone.

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