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Technical Outlook:

Nifty (Spot):

Nifty is consolidating near 15050-14950 demand zone for the last two days where the trend is bullish and we can expect the resumption of upmove anytime till Nifty trades above 14950 level while if Nifty slips below 14950 then we can expect any weakness. 15050-15080 is an immediate resistance zone; above this, we can expect a move towards 15150/15250 levels. Today is the weekly expiry day, where 15000-14950 will act as a support area while if Nifty trades above 15050 then we can expect strength towards 15100/15150 levels.

Banknifty (Spot):

Banknifty is also consolidating where 33500-33300 is a very strong demand zone while 34300-34600 is a resistance area. The trend is bullish till it trades above 33300 level while below 33300, we can expect any weakness. 33800-34000 will act as an immediate resistance area for the intraday while if it manages to trade above the 34000 level then we can expect a shortcovering rally.

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