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Technical Outlook:

Nifty (Spot):

Nifty is showing a strong bullish momentum but global cues are weak and SGX Nifty is suggesting a big gap down opening where 15075-15000 will be a strong support area. Nifty may witness pullback from this area after a gap down opening where 15125-15175 will act as an intraday resistance zone while if Nifty trades below the 15000 mark then we can expect further weakness in the market towards the 14800-14750 zone.

Banknifty (Spot):

Banknifty also started to show strength where 35750-35500 will be an immediate and strong demand zone. Banknifty may witness pullback from this area after a gap down opening where 36000-36100 will act as an intraday resistance zone while if it trades below the 35500 mark then we can expect further weakness towards 35000.

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