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Technical Outlook:

Nifty (Spot):

Nifty is sitting at key support of 50-DMA after a meaningful correction which is currently placed at 14700 mark and SGX Nifty is suggesting a gap up opening where 20-DMA of 14950 is an immediate hurdle; above this, we can expect a short-covering rally towards 15100- 15150. If the market sees any profit booking after a gap up opening then 14850-14800 will be the immediate support zone while 14700 will remain a crucial support level.

Banknifty (Spot):

Banknifty is also sitting at a SO-DMA of 34228 where it may outperform if the market shows strength. On the upside, 34900-35000 is an immediate resistance zone while 20- DMA of 35620 is a crucial hurdle; above this, we can expect a big rally. 34700-34500 will act as an immediate support zone after a gap up opening while 34200-34000 will remain a crucial support zone.

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