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Morning Market Outlook

* Market is expected to open on a positive note, driven by a rally in global markets. Overnight, US and European indices rose by up to 1%, and Asian markets are showing a positive outlook ahead of US Fed Chair Powell's Congressional hearings today and the upcoming US inflation data announcement tomorrow.

* Additionally, there is optimism about the potential positive impact of the Indian Prime Minister's visit to the US this week. The GIFT Nifty is showing a flat to positive trend.

* Concerns over the USD/INR surging to a record intra-day high of nearly Rs.88 also contributed to volatility. Banking stocks will be in focus, especially after the RBI's decision to double its OMO purchase to Rs.40,000 crore.

* Results Today – Lupin, Vodafone Idea, IRCTC, Berger Paints, NBCC, EIH Hotels, Ircon International, Birlasoft

NIFTY (CMP : 23381)

Nifty immediate support is at 23250 then 23100 zones while resistance at 23550 then 23700 zones. Now it has to cross and hold above 23450 zones for an up move towards 23550 then 23700 zones whereas supports are placed at 23250 then 23100 zones.

BANK NIFTY (CMP : 49981)

Bank Nifty support is at 49750 then 49500 zones while resistance at 50500 then 50750 zones. Now it has to cross and hold above 50000 zones for a bounce towards 50500 then 50750 levels while on the downside support is seen at 49750 then 49500 zones.

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