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Technical Outlook:

Nifty (Spot):

Nifty is likely to open above its 200-DMA and that will overall structure to bullish however it is likely to open near the next important resistance area of 50 and 100-DMA which are placed at 17270/17380 respectively; above this area, 17490 will be the next resistance. On the downside, 17000-16970 will act as an immediate demand zone while 16850-16800 is the next support area.

Banknifty (Spot):

Banknifty also manages to close above its 20-DMA which may lead to further strength towards 200-DMA of 36600 while 37000-37300 is the next resistance area. On the downside, 20-DMA of 35800 will act as an immediate support level while 35500/35000 is the next important support levels.

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