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Technical Outlook:

Nifty (Spot):

Nifty has given negative closing below 17000 levels. But SGX Nifty is Suggesting a Positive opening or showing a bounce, however, still, 17100-17150 is acting as a minor hurdle; above this, we can see further upside towards 17200/17250 levels. On the downside, 16900 is an immediate demand zone; below this, we can expect intraday weakness towards 16800 levels. The market may remain volatile.

Banknifty (Spot):

Banknifty is trying to hold or respect its 200-DMA level of 35500; above this we can expect 36500-36800 level. On the downside, 35300 is the important support level then there is a risk of a major Weakness.

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