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Technical Outlook:

Nifty (Spot):

The Nifty is trading volatile and still struggling to sustain above its 20-DMA where it faced resistance in a strong supply zone of 18210-18340. On the downside, 50-DMA is acting as strong support which is currently placed at 17830 level; below this, we can expect selling pressure to get momentum towards 17600/17450 levels. On the upside, 18000-18050 will act as a strong resistance area.

Banknifty (Spot):

Banknifty is underperforming and has slipped below its 50-DMA that may lead to further weakness where 38000 is an immediate and psychological support level; below this, 37500- 37250 will be the next support area. On the upside, 38500 is an immediate hurdle after a weak opening while 38800-39000 is the next resistance area.

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