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Technical Outlook:

Nifty (Spot):

Nifty is likely to open gap down after reaching in supply zone of 14650-14700 while 14500-14450 is an immediate support zone where we can expect some bounceback while below 14450, we can expect further selling pressure towards the next important support zone of 14300- 14250. On the upside, 14570-14620 will be the immediate resistance zone after a gap down opening.

Banknifty (Spot):

Banknifty is underperforming where 31500 is immediate support; below this, it is likely to see further selling pressure towards the 30900-30500 zone. On the upside, 31750-32000 will act as an immediate resistance zone after a gap down opening whereas 32500 is a critical hurdle in the upside.

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