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Technical Outlook:

Nifty (Spot):

 Nifty is halting near 20-DMA after a strong bounceback where 17500-17425 is an immediate and critical demand zone where we can expect a fresh buying while if Nifty slips below 17425 level then we can expect further weakness where 17244 will be the next important support level. On the upside, 17620 is an immediate and intraday resistance while 17750 is the next important hurdle.

Banknifty (Spot):

Banknifty has relative strength where 38800 is an immediate support level while 38200 is the next critical support level. The buy-on dip texture is likely to continue till Nifty trades above the 38000 level where 39500 is an immediate resistance on the upside then 40000-40200 is the next resistance zone.

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