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Summary:
• Nifty and Bank Nifty are in short and medium term downtrend
• Indices are trading below the 200 day moving average
• In the short term, Indices are oversold
• Nifty can decline towards 16000-15500 levels
• Bank Nifty has support around 34014 break below can see lower levels towards 32000 – 31700 levels
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