01-01-1970 12:00 AM | Source: Swastika Investmart Ltd
Nifty manages to take out this resistance area then we can expecta rally towards 16500/16600 levels - Swastika Investmart
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Technical Outlook:

Nifty (Spot):

Nifty is making higher highs and higher lows formation where it is bouncing back from 20-DMA after a pullback. SGX Nifty is suggesting a gap up opening in the resistance area of 16200- 16300 and if Nifty manages to take out this resistance area then we can expecta rally towards 16500/16600 levels. On the downside, 16050-16000 area will act as an immediate and strong demand zone.

 

Bank nifty :

Banknifty also witnessed a pullback from the 35500 hurdle however 34500- 34000 is a strong demand zone for a bounceback. On the upside, 33150/35500 are immediate hurdles then 36000-36300 will be the next critical resistance zone.

 

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