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Technical Outlook:

Nifty (Spot):

Nifty is still in sideways trend where it respected 14500-14450 demand zone in yesterday's trading session and we can expect a move towards 50-DMA of 14770 while 14600-14575 will be immediate support area to take buy positions. If Nifty manages to take out the 14770 level then 14880 will be the next hurdle while if it slips below 14450 level then 14250 will be the next major support level.

Banknifty (Spot):

Banknifty is also respecting the 32000-31800 demand zone and manages to close above its 20-DMA where we can expect a move towards 100-DMA of 33000 while 32300 will be an immediate support level to take fresh buy positions.

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