Technical Outlook:

Nifty (Spot):

Nifty is witnessing signs of correction after a stellar run where 12770-12570 will be the immediate demand zone. Only below 12570, we can expect any meaningful correction while 12950-13050 will act as an immediate supply zone. Short-term Traders can use the "sell on rise" strategy in the 12950-13050 zone with a stop loss above 13100.

Banknifty (Spot):

Banknifty is also witnessing selling pressure from the hurdle of 30200 but it has multiple demand zone till 27500 level, only below this, we can expect any meaningful correction where 29000-28800 is the first demand zone while 28250 will be the next support level. On the upside, 29500-29800 will be the immediate supply zone to take short positions.

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