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Technical Outlook:

Nifty (Spot):

Nifty is sitting at crucial support of 14281 after a meaningful correction where we can expect a bounceback from here as the market is in oversold territory but there will resistances at higher levels where 14550-14600 will be the first resistance zone while 14750-14800 will be critical supply zone. We can expect a trend reversal only at a decisive move above 14800 while if Nifty slips below 14281 level then 14100-14000 will be the next support zone.

Banknifty (Spot):

Banknifty is underperforming but it manages to close above key support of 32750 which is a good sign and that may lead to a pullback towards the 34400-34500 zone while if it again slips below 32750 level then we can expect to see further selling pressure towards 32200-32000 zone.

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