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Technical Outlook:

Nifty (Spot):

Nifty witnessed a sharp fall from day's high after a gap up opening which is generally not a good sign but Nifty manages to hold 15000-14950 zone with closing above its 20-DMA. 14950 will act as immediate and strong support; below this, we can expect further selling pressure towards crucial support of 50-DMA which is currently placed around 14700. Only below 50-DMA, we Can expect any short-term trend reversal. On the upside, 15100 will act as an immediate and critical hurdle and if Nifty manages to trade above the 15100 level then we can expect short covering towards the supply zone of 15180-15220.

Banknifty (Spot):

Banknifty is facing resistance at 36500 level but respecting the support level of 35000. If it slips below the 35000 mark then we can expect selling pressure towards 50-DMA which is currently placed around the 34000 mark. On the upside, 35750-35850 will be the immediate supply area while 36000 will be the next hurdle.

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