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Technical Outlook:

Nifty (Spot):

Nifty is respecting the 15450-15335 demand zone and showing decent strength where 15800 will be immediate resistance; above this, we are likely to head towards the 16000 mark. After a gap-up Opening, we may see some profit booking but any dip in the 15700-15650 zone will be a good buying opportunity with SL of 15600.

Banknifty (Spot):

Banknifty also respected the 34000-33500 demand zone and witnessed smart recovery where 20-DMA of 35075 will be an immediate and important hurdle where we can see some profit booking after a gap up opening while if it manages to trade above 35100 level then we can expect a short-covering rally towards 35500/36000 levels. 34750-34500 will be a support area at any intraday dip.

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