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Technical Outlook:

Nifty (Spot):

Nifty is bouncing back from its 20-DMA however 18250-18300 is an immediate resistance zone; above this, we can expect further strength towards the next resistance level of 18400. SGX Nifty is suggesting a minor negative opening where the 18225-18200 area will be an immediate demand zone; below this, we can expect intraday weakness towards the 18100-18050 zone.

Banknifty (Spot):

Banknifty is continuing its strong bullish momentum however 41500-42000 zone may act as an immediate supply zone while above the 42000 level, we can expect a further rally towards 42500 level. On the downside, 41000-40500 is an immediate demand zone while 40000 will be the next critical support level.

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