Banknifty has more strength as it manages to close above its 200-DMA however 37000 level - Swastika Investmart
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Technical Outlook:
Nifty (Spot):
Technically, the market is in strong bullish momentum however 16800 is an immediate hurdle for the Nifty then 200-DMA around 17000 will be the next critical hurdle therefore 16800- 17000 zone will be a sacrosanct supply zone where we can expect some profit booking however a decisive move above 17000, may lead to a strong rally in the market. On the downside, 100-DMA around 16500 will be an immediate support level then 16340 will be the next critical support level.
Bank nifty :
Banknifty has more strength as it manages to close above its 200-DMA however 37000 level is a major trend-line resistance; above this, we can expect a major rally towards 37500/38000 levels. On the downside, 36000-35700 will act as an immediate and strong demand zone.
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