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Technical Outlook:

Nifty (Spot):

Nifty witnessed a smart recovery from 15500 level after a sharp intraday fall and manage to hold its 15600-15900 trading zone where 20-DMA of 15780 is an immediate hurdle. If Nifty manages to trade above its 20-DMA then we can expect a move towards the 15900 level while on the downside 15670-15630 is an immediate support area.

Banknifty (Spot):

Banknifty respected its 100-DMA of 34200 where 34800-35200 is an immediate supply zone; above this, we can expect a short-covering rally towards 35500 level. 34500 will act as immediate support ahead of expiry.

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