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Technical Outlook:

Nifty (Spot):

Nifty is trading volatile where 17850-17950 is an important supply zone but if Nifty manages to take out this zone then we can expect a rally towards 18200 otherwise there is a risk of selling pressure. On the downside, 10-DMA and 20-DMA of 17712/17621 will act as immediate support levels however 17450 is a critical support level because below 17450, we can expect any major weakness.

Banknifty (Spot):

Banknifty is also trading volatile with positive bias where 38000-38300 is a critical supply zone and any decisive move above this zone may lead to a rally towards 39000 level otherwise there is a risk of selling pressure. On the downside, 20-DMA of 37500 is an immediate and important support level; below this, selling pressure may get momentum towards 37000/36500 levels.

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