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Technical Outlook:

Nifty (Spot):

Nifty is sitting near the lower band of the trading range of 15650-15900 and if Nifty manages to hold 15650 level then we can expect a bounceback where 15750-15800 is an immediate resistance zone whereas 15900 is the important hurdle while if Nifty slips below 15650 level then we can expect selling pressure to get accentuate towards the 15450 level.

Banknifty (Spot):

Banknifty is showing some weakness but 34600-34400 is an immediate and important support zone and if it manages to hold this zone then we can expect a bounceback where 34900-35000 is an immediate resistance zone; above this 35200-35400 is the next resistance area while if it slips below 34400 then 34000 will be the next support level.

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