Nifty is continuing its bullish momentum where 14700 is an immediate resistance ahead of weekly expiry; above this, we can expect a further rally towards the 14800 level. On the downside, 14600 will immediate intraday support, below this, 14420-14400 will be the next support area. Traders are advised to wait and watch for the first 30-45 minutes to understand the trend after a gap up opening then trade accordingly.
Banknifty is also showing decent strength where 32700 is an immediate hurdle and it manages to trade above this level then we can expect a move towards 33000 mark otherwise we can expect some profit booking where 32450-32400 will be the first demand zone while 32000 will the next important support level.
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