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Technical Outlook:

Nifty (Spot):

Nifty is facing resistance at 20-DMA of 14900 after a pullback where 14740-14700 will be immediate support zone and if Nifty trades below 14700 then we can expect further selling pressure towards 14600-14500 zone while if it manages to hold 14700 level then we can expect some positive bias with volatility. A strong positive move is expected only at a decisive move above 14900 level.

Banknifty (Spot):

Banknifty is struggling to cross 50-DMA which is currently placed at 34400 level where 33800-33600 will be the first demand zone; below this, we can expect selling pressure towards 33300-33000 zone. On the upside, if it manages to cross the 34500 level then we can expect a short-covering rally towards the 35000-35200 level.

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