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Technical Outlook:

Nifty (Spot):

Nifty is witnessing a pullback from its 20-WEMA after a meaningful correction however the overall texture is still weak where 17600 will be the first hurdle while 17800-17850 will be a critical supply zone. On the downside, 17425-17400 will be the first support zone after a positive opening; below this, we can expect some intraday weakness where the recent low of 17216 will be the next support level. Intraday traders are advised to understand market behavior near the resistance of 17600 and then trade accordingly while short-term traders can remain on the short side with a stop loss of 17850.

Banknifty (Spot):

Banknifty is also trying to pause in the 37000-36500 zone after a vertical fall however 38000-38500 is a critical supply zone at any pullback and it will remain vulnerable for further sell-off till it trades below 38500 level. 37000 will act as immediate support after a positive opening while 38000 will be an immediate hurdle.

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