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Technical Outlook:

Nifty (Spot):

Nifty is pausing near the 15050-15100 supply zone after a vertical pullback and SGX Nifty is suggesting a gap down opening where 14700-14650 is an immediate and strong demand zone; below this, we can expect any selling pressure otherwise ‘Buy on dip' trend will be continued. 14850-14880 will act as an immediate resistance zone after a gap down opening.

Banknifty (Spot):

Banknifty is also facing resistance at 50-DMA of 34300 after a vertical rally where 33000-32500 is an immediate and strong demand zone. On the upside 33500 will be the immediate resistance level after a gap down opening.

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