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Technical Outlook:

Nifty (Spot):

Nifty witnessed a smart pullback from its strong demand zone of 14630-14575 where 14950-15050 is an immediate and critical supply zone but SGX Nifty is suggesting another big gap up opening where Nifty may open above this zone. If Nifty manages to sustain above this zone then we can expect a move towards an all-time high in the coming days. 15050-14950 area will act as an immediate support zone after a gap up opening.

Banknifty (Spot):

Banknifty witnessed a strong rally from the support of 32000 where 33500-33750 is an immediate supply zone but it is likely to open above this zone which may lead to a big shortcovering rally towards the 34500-34600 zone. On the downside 33300 will act as immediate and strong support.

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