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Technical Outlook:

Nifty (Spot): Nifty witnessed a smart pullback from the 15900 level and managed to close above the 16000 mark which is giving confidence to the bulls. On the upside, 16330/16400 are critical resistance levels; above this, we can expect a short-covering rally towards 16700/16900 levels. On the downside, 16080 will be immediate support then 16000-15900 is the next support zone

Bank nifty (Spot): Banknifty is outperforming and manages to close above the 35000 resistance level where it is likely to head towards 50-DMA of 35750 while 36000/36500 will be the next resistance levels. On the downside, 34800 will act as immediate support levels then 34500/34000 are the next support levels.

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