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Technical Outlook:

Nifty (Spot):

Nifty is showing strong bullish momentum and manages to close above hurdle of 17800 where 17875-17950 is the next important resistance area; above this, we can see a further rally. On the downside, 17750 will be the first support level while 20-DMA of 17600 is critical support. Traders are advised not to be aggressive on either side in the 17750-17950 band while stock-specific opportunities will be there.

Banknifty (Spot):

Banknifty is also showing bullish momentum where 37900-38000 is an immediate resistance zone; above this, 38300-38500 will be the next resistance zone. On the downside, 37500- 37300 is an immediate support zone; below this, we can expect any weakness towards the 36900- 36500 zone.

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