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Technical Outlook:

Nifty (Spot): Nifty is witnessing a strong bounceback from key support of 14281 and SGX Nifty is suggesting a big gap up opening but 14750-14825 is a critical supply zone that needs to be conquered for an upside trend reversal. If Nifty manages to trade above 14825 level then we can expect further strength where 15000 will be the next psychological hurdle otherwise we can again see selling pressure at higher levels where 14500-14450 is an immediate support zone while 14300- 14250 will be critical support area.

Banknifty (Spot):

Banknifty is underperforming but it manages to hold key support of 32750 on a closing basis where 34500-34700 is a critical supply zone; above this, we can expect further strength towards 35500 level while if it fails to cross 34500-34700 zone then we can again see selling pressure at higher levels where 33000 will be immediate support level while 32750-32500 is critical support zone.

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