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Below is Weekly outlook on Sensex,Nifty,Banknifty and USDINR Outlook by Mr. Anuj Gupta, Vice President, IIFL Securities

As expected equity market closed on a positive note in the last week. During this week sensex increased by 0.15% and closed at 59552 levels. Howevere it again tested 60403 levels after April 2022. Nifty incresed by 0.34% and closed at 17758 levels. But on another side Banknifty corrected by 0.14% and closed at 38985 levels.

We have seen profit booking in the stock market on higher levels due to technical correction. Prices were trading on a overbought zone and we saw a correction in the segment. 

We have also observing some selling activity from FPI's and weak global cues impacted domestic indices as concerns about interest rate hike on the markets. 
Ruppee depreciated by 0.21% and closed at 79.87 levels as dollar index increased by more than 2% and closed near to 108 mark.

For the next week nifty may found support at 17500 and 17200 levels. Resistance at 18050 and than 18300 levels. Banknifty may found support at 37500 and 36000 levels, resistance at 40000 and 41500 levels. 

We are recommending buy in nifty and banknifty for the next week. For next week one can buy buy on a dips in nifty and banknifty. Buy nifty around 17500 levels with the stoploss of 17200 for the target of 18050 to 18100. 

They can also buy banknifty around 38100 with the stoploss of 37400 levels for the target of 40000 levels.

Ruppee may find support at 79.40 and 78.80 levels. resistance at 80.40 and 81 levels. It may trade between 79.40 to 80.40 levels. 

Nifty may test 18200 levels, banknifty may test 40500 levels and Sensex may test 62000 

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