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Technical Outlook:

Nifty (Spot):

Nifty is halting near 20-DMA after a strong pullback where S0-DMA of 17438 is an immediate and important support level where if Nifty manages to hold this level then we can expect a bounceback but Nifty needs to cross 17800 level to gain strength towards 18300/18600 levels. If Nifty slips below its S0-DMA then we can expect further weakness where the budget day's low of 17244 will be the next important support level while 17000-16800 is the next demand zone.

Banknifty (Spot):

Banknifty has a comparatively strong structure where 38500-38200 is a strong demand zone to buy the pullback while if it manages to cross 39500 level then 40200 is the next target level. On the downside, 37700 is the next important support level; below this, we can expect any major weakness.

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