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Technical Outlook:

Nifty (Spot):

Nifty is trading in the range of 15650-15900 with high intraday volatility. SGX Nifty is suggesting a gap-up opening where we could see a trending day because we saw heavy call writing yesterday and call writers are looking trapped today which may cause a short covering move towards the 15900 level. 15750-15700 zone will act as an immediate support zone after a gap-up opening.

Banknifty (Spot):

Banknifty is also consolidating but it may outperform today where 35800 is a key hurdle; above this, we can expect a short-covering rally towards the 36500 level. 35200-35000 zone will act as a strong support area after a gap-up opening.

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