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Technical Outlook:

Nifty (Spot): Nifty is again heading lower after facing resistance at 20-DMA where 14500 is an immediate psychological support level and if Nifty trades below the 14500 mark for more than 15- 20 minutes then we can expect further pressure towards the 14350-14300 zone while if Nifty manages to hold 14500 level then we can expect some bounceback where 14600-14620 will be immediate supply zone while 14700-14750 will be the next resistance area.

Banknifty (Spot):

Banknifty is underperforming where 33100-32750 is an immediate and strong support zone where we can expect some bounce back while below 32750, we can expect more pressure towards the 32200-32000 zone. On the upside, 33500-33650 will act as an immediate supply zone while 34000 will be the next hurdle.

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