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Technical Outlook:

Nifty (Spot):

Nifty is witnessing profit booking after hitting a fresh all-time high of 16701 and SGX Nifty is suggesting a big gap down opening near the important support level of 16350. If Nifty manages to hold this level then we can expect a recovery towards the 16500 level while if Nifty doesn't show recovery from the 16350 level then 16150 will be the next important support level. Traders are advised to wait and watch for the first 45 minutes to understand the trend and then trade accordingly.

Banknifty (Spot):

Banknifty is struggling to cross the supply zone of 36200-36300 and it is likely to open below its 20-DMA and 50-DMA support zone of 35400-35150 where 34750-34250 will be the next critical support zone. On the upside, 35250-35500 will act as an immediate resistance zone if there will be any intraday recovery.

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