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Technical Outlook:

Nifty (Spot):

Nifty is witnessing a pullback after a smart rally where 17640 is an immediate and important support; below this, 17500 is the next major support level. On the upside, 17800 is an immediate hurdle; above Nifty may head towards 17925/18000 levels. Aggressive traders can go along with SL of 17640 while conservative traders can wait for 17500 levels to create fresh long positions.

Banknifty (Spot):

Banknifty is outperforming however 38000 is a psychological hurdle; above this, 38250/38500 is immediate target levels. On the downside, 37000 is an immediate and important support level; below this, we can expect some weakness towards 36500 levels.

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