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Technical Outlook:

Nifty (Spot):

Nifty witnessed a smart bounceback from the demand zone of 16800-16900 and SGX Nifty is suggesting a gap up opening above its 20-DMA Of 17150. If Nifty manages to sustain above 17150 level then we can expect a move towards 17250/17400 levels otherwise selling pressure can be seen at higher levels. On the downside, 17000 will act as a strong and immediate support level.

Banknifty (Spot):

Banknifty is respecting 34000 level and manages to close above 35000 level where 35400-35500 is an immediate resistance zone; above this, 35700-38000 is a critical resistance zone. On the downside, 34800 will act as an immediate and strong support level.

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