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Technical Outlook:

Nifty (Spot):

Nifty is bouncing back from the 100-DMA of 14250 where 14650-14725 is the first supply area whereas 14850-14900 is a critical supply area. On the downside, 14500-14450 will act as an immediate and strong demand zone while 14300-14250 will remain a key support area. By looking FIls bullish position in the F&O market, we can expect positive momentum in today's trading session where traders are advised to use buy on dip strategy.

Banknifty (Spot):

Banknifty is showing some strength after a big underperformance where we can expect outperformance to continue in today's trading session amid weakness in the IT sector. On the upside, 32300-32500 will be the first resistance area while 32800-33000 will the next resistance zone. On the downside, 32000-31750 will be the immediate support zone after a gap up opening while 31300-31000 is the next major support area.

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