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Technical Outlook:

Nifty (Spot):

Nifty manages to close above 18000 level however 18250/18400 are immediate and important resistance; above this, we can expect a new alltime high in the near term. On the downside, 17800 is immediate support while 17640/17500 is the major support level. Traders have to follow buy on dip strategy on an intraday basis.

Banknifty (Spot):

Banknifty is outperforming however 39000 is a psychological hurdle; above this, 39250/39500 is the immediate target level. On the downside, 37900 is an immediate and important support level; below this, we can expect some weakness towards 37500 levels.

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