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Technical Outlook:

Nifty (Spot):

Nifty witnessed a correction in the last two days but the uptrend is intact where yesterday's low of 14885 will act as strong support while if Nifty slips below 14885 then we can expect some pressure towards the 14750-14700 zone. On the upside 15000 will act as an immediate hurdle; above this, we can expect the positive momentum to pick up towards 15070/15150 levels.

Banknifty (Spot):

Banknifty is sitting at a very strong support zone of 50 and 100-DMA around 33300 where we can expect a fresh buying momentum while below 33300 level, 33000-32900 will be another strong support area. On the upside, 33750-34000 is an immediate resistance zone; above this, we can expect a sharp short-covering rally.

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