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Technical Outlook:

Nifty (Spot):

Nifty witnessed a breakdown of key support of 16800 that made overall structure weak however 16600 which is 61.8% retracement of previous rally is also an important support level that bulls want to protect to come back in the game. On the upside, 16900-17000 will act as an immediate resistance zone while if Nifty slips below 16600 level then 16400 is the next support level.

Bank nifty (Spot):

Banknifty also witnessed sharp fall however it is still trading above its critical support level of 35000 where we can expect a bounceback. On the upside, 35800-36000 will be immediate resistance zone then 36500-37000 is a critical resistance zone. On the downside, if it slips below 35000 level then we can expect further weakness towards 34000 level.

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