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Technical Outlook:

Nifty (Spot): Nifty is showing the first sign of distribution near the hurdle of 17800 and SGX Nifty is suggesting a big gap down opening where 17435-17375 will be immediate demand zone; below this, 17250 will be the next important support. On the upside, 17500 will act as an immediate hurdle after gap down opening while 17650-17700 will be the next resistance area. Traders are advised not to jump to buy immediate dip because correction could be a little deeper this time while positional traders can take short positions with a stop loss of 17700. Banknifty (Spot): Banknifty is outperforming for the last few days but 38000 is a psychological hurdle while 37000-36500 is an immediate and strong demand zone and if it slips below this zone then we can expect further selling pressure towards the 35500 level. 37500 level will act as an immediate hurdle after a gap-down opening.

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