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Technical Outlook:

Nifty (Spot):

Nifty manages to close above its all-important moving averages and SGX Nifty is suggesting a gap up opening where 15000 will be an immediate hurdle. If Nifty manages to sustain above this level then we can expect a rally towards the 15200 level. 14820 will act as immediate support after a gap up opening while 14700 will be the next important support level.

Banknifty (Spot):

Banknifty is underperforming where 33300 is an immediate hurdle while 33650- 33800 will be a critical resistance area; above this, we can expect a sharp short-covering rally. 33000 will be immediate support after a gap up opening while 32300-32000 is a critical support area,

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