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Technical Outlook:

Nifty (Spot):

Nifty is trading volatile and sideways where it is witnessing selling pressure at higher levels however 17200-17175 is acting as an immediate demand zone; below this, Nifty is likely to witness further weakness towards 17060/16930 levels. On the upside, 17375 is acting as an immediate hurdle; above this, we can expect a short-covering rally towards 17500/17600 levels.

Banknifty (Spot):

Banknifty is underperforming where 36200 is an immediate and critical support level; below this, we can expect further weakness towards 35725 level while if it manages to hold 36200 level then we can expect a bounceback where 37000 is an important hurdle.

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