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Technical Outlook:

Nifty (Spot):

Nifty is giving proper follow-up of bullish hammer candlestick formation formed near psychological support of 17000 and manages to close above its 50-DMA however there are still multiple resistances like 17500/17650 before 17800 level. On the downside, 17000-16800 is a critical base while 17300 will act as an immediate support level.

Banknifty (Spot):

Banknifty has better a structure because it manages to close above its 20-DMA following a bullish hammer candlestick formation where 39500 is the next important resistance level while 38200-38000 is an immediate support zone.

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