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Technical Outlook:

Nifty (Spot):

Nifty is trading volatile with negative bias but the short-term trend is still sideways and SGX Nifty is suggesting a positive opening where 14450-14500 will be immediate resistance area and if Nifty manages to sustain above this zone, then we can expect further strength towards the 14625-14650 zone. On the downside, 14330-14300 will be the immediate demand zone while 14200 will act as a major support level.

Banknifty (Spot):

Banknifty is respecting the 30500 support level where 31900-32000 will be the immediate supply zone; above this, we can expect a short-covering rally towards the 32300-32500 zone. 31000-30800 is an immediate demand zone while 30500-30250 will remain a critical support area.

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