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Technical Outlook:

Nifty (Spot):

Nifty is showing bullish bias and SGX Nifty is suggesting a gap up opening above the hurdle of 16050 level that may lead to the further upside towards 16140-16200 zone. 16200 is a key resistance as per gap area then 16500 will be the next hurdle. On the downside, 15900 will act as an immediate support level while 15700 is a sacrosanct support level.

Bank nifty :

Banknifty is also showing bullish momentum and it is likely to open a key hurdle of 34500 level that may lead to a strong short-covering rally towards the 35000-35250 zone. On the downside, 34000 will act as strong support now then 33500 is the next major support.

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