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Technical Outlook:

Nifty (Spot):

Nifty is trading range-bound with high volatility where 14800-14880 is an immediate supply zone; above this, we can expect some positive momentum where 15050 will be the next hurdle. On the downside, 14500-14450 is an immediate demand zone whereas 14250-14200 will be the next support area. It is difficult to trade Nifty in such a volatile environment but stock and sectorspecific movements are there.

Banknifty (Spot):

Banknifty is underperforming but trading near 100-DMA of 32500 where if it manages to hold this level then we can expect some short covering rally where 33000-33200 is an immediate supply area while 34000 will be the next resistance level while if it trades below 32500 level then we can expect some more pressure towards 32000-31700 zone.

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