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Technical Outlook:

Nifty (Spot):

Nifty is respecting its 16200-16170 demand zone but the 16350-16400 area is still a near term supply zone where we can expect a range bound move today between 16300-16350 ahead of weekly expiry while if it manages to trade above 16350 level then we can expect a move towards 16400 level. On the downside, 16250 will act as immediate support; only below this, we can expect any intraday weakness.

Banknifty (Spot):

Banknifty is also consolidating in the range of 35500-36000 where we can expect a range-bound move in the 35800-36200 zone ahead of weekly option expiry. On the upside, 36500 is a critical hurdle; above this, 37200-37700 will be the next resistance area while 35150-35000 is a critical demand zone on the downside.

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