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Technical Outlook:

Nifty (Spot):

Nifty (Spot): Nifty has formed three bullish candlestick patterns on the daily chart and it also manages to close above the cluster of 100 and 50-DMA. The previous swing high of 17850 is an immediate hurdle, above this nifty may reach the level of 18000-18200. On the downside, 17500 will act as immediate and strong support.

Banknifty (Spot):

Banknifty managed to close above 20 and 200-DMA which is currently placed in the 35700-35800 zones. On the upside, it is likely towards the cluster of 50 and 100-DMA that is currently placed at 37250 levels while 36000-35600 will act as a strong support level.

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