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Technical Outlook:

Nifty (Spot):

Nifty (Spot): Nifty has slipped below key support of 14700 which has changed near term trend to bearish where 14470 is immediate support; below this, 14280/13960 will be the next important support levels. On the upside, 14640/14750 will be immediate and strong hurdles while 14900 will critical hurdle which should be the stop loss of positional short traders. It is difficult to trade after a big fall where traders are advised to respect the screen and levels and then trade accordingly.

Banknifty (Spot):

Banknifty (Spot): Banknifty has also slipped below its S0-DMA where 33500 is immediate support; below this, 33080-32750 will be the critical support zone. On the upside 34500-34700 is an immediate supply zone while 35000-35200 will be a critical resistance area where 35200 should be stop loss for short traders.

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