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Technical Outlook:

Nifty (Spot):

Nifty witnessed a closing above the resistance zone of 14750-14850 which is positive signs for the market but SGX Nifty is suggesting a weak opening where the 14800-14750 zone will act as an immediate support area to take buying positions while if Nifty slips below 14750 then we can expect some pressure towards 14690/14575 levels. On the upside, 15000-15050 will be the immediate resistance area.

Banknifty (Spot):

Banknifty was underperforming but price action in the previous trading session was encouraging where 34350-34600 will be the critical resistance area while 33600-33500 is an immediate demand zone to take long positions; below 33500, we can expect weakness towards 33200-32750.

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