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Technical Outlook:

Nifty (Spot):

Nifty manages to close above the psychological level of 18000 however 18100/18200 are immediate resistance levels; above this, we can expect a swift move towards a new all-time high. On the downside, 17800 is immediate support while 17640/17500 are major support levels. The overall texture is bullish with buy on the dip strategy.

Banknifty (Spot):

Banknifty is outperforming where 38300-38500 is an immediate resistance zone; above this, we can expect a rally towards 39500/40000 levels. On the downside, 38000-37750 is an immediate demand zone while 37300-37000 is the next support zone

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