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Technical Outlook:

Nifty (Spot):

Nifty is facing some resistance at 20-DMA after a decent pullback however 16900- 16800 is a strong demand zone; only below this zone, we can expect any kind of weakness. On the upside, 20-DMA of 17150 is an immediate resistance while 17250/17400 will be the next resistance levels. The overall view is slightly bullish till Nifty trades above 16800 however Nifty has multiple resistances that may cause volatility.

Banknifty (Spot):

Banknifty is respecting support of the 34000 level however structure is still weak. On the upside, 35300 is an immediate hurdle while 35700-36000 is a critical resistance zone. On the downside, 34500 is immediate support; below this, it may head towards the 34000 level.

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