Banknifty has also slipped below its important support of 37000 however - Swastika Investmart
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Technical Outlook:
Nifty (Spot):
Nifty is continuing its vertical fall on the back of weak global cues however it has become oversold in the near term where 16800-16600 is a critical demand zone where we can expect a short-covering bounce or a reversal. On the upside, 17500 will act as strong resistance at any pullback.
Banknifty (Spot):
Banknifty has also slipped below its important support of 37000 however 200- DMA Of 36000 will act as a strong support level where we can expect a reversal. On the upside, 37500 will act as an immediate and strong resistance area while 38500-39000 will be the next important resistance area.
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