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Technical Outlook:

Nifty (Spot):

Nifty witnessed a smart pullback from 14750-14700 demand zone where 15000-15100 is an immediate resistance zone; above this, we can expect a short-covering rally towards 15400 levels. 14900-14850 will act as an immediate support zone after a gap up opening. Positional traders can go long with a stop loss of 14700 on a closing basis while intraday traders should look at buying opportunities at any intraday dip.

Banknifty (Spot):

Banknifty witnessed a false breakdown and comeback sharply which may lead to further strength where 35900-36000 will be immediate resistance zone; above this, we can expect a short-covering rally towards 36500/37000 levels. 35000 will act as strong support after a gap up opening.

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