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Technical Outlook:

Nifty (Spot):

Nifty is consolidating for the last many days but today SGX Nifty is suggesting a gap down opening below the key support area of 14750-14700 which may lead to further selling pressure towards 14500-14450 support zone while 14200 will be key support level at any sharp fall. On the upside, 14800 will act as an immediate hurdle after a gap down opening while 15000-15050 will be the next resistance area.

Banknifty (Spot):

Banknifty is underperforming and it is likely to open below key support of 32000 which may lead to further selling pressure towards the next important support of 31000. On the upside, 32500 is an immediate hurdle while 33000-33500 will be a critical resistance area.

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