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Technical Outlook:

Nifty (Spot):

The overall structure of the market is weak and SGX Nifty is suggesting a gap-down opening where the previous swing low of 16200 is an immediate and important support level; below this, 16000-15900 will be the next critical support level. On the upside, the 16400-16500 area will act as an immediate resistance area after a gap down opening then 16850-17000 is the next critical resistance zone.

Banknifty (Spot):

Banknifty is underperforming and has slipped below the psychological support of 35000 however 34000 is a critical support level where we can expect a bounceback while below this, more pain is expected. On the upside, 35000 will act as an immediate hurdle after a gap down opening while 36000 will be the next important hurdle.

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