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Technical Outlook:

Nifty

Nifty witnessed a smart pullback from 50-DMA where 14980-15050 is a critical supply zone. If Nifty manages to cross this zone then we can expect the market to resume its strong bullish momentum towards an all-time high where 15175-15225 will be an intermediate resistance zone while if Nifty fails to cross this zone then we can expect some Selling pressure where 14800-14750 will a critical support zone; only below this, we can expect any weakness.

Banknifty 

Banknifty is underperforming but respecting the 35000 mark where 36000 is an immediate and critical hurdle; above this, we can expect a short-covering rally towards 36500/37000 levels while if it fails to cross 36000 level then we can expect selling pressure where 35000 will be immediate support.

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