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Technical Outlook:

Nifty (Spot):

Nifty is continuing its strong bullish momentum and SGX Nifty is suggesting a big gap up opening above 200-DMA however it is difficult to chase a big gap up opening after back-to-back strong gains and it is important to see the market's behavior on the first day of expiry, therefore, traders are advised to wait for the first hour to understand the trend. On the upside, 200-DMA is placed at 17020 level while 17130 is the next hurdle. On the downside, 16950/16800 will be important support levels after a big gap-up opening.

Bank nifty :

Banknifty is also continuing its bullish momentum and it is likely to open above the 37500 resistance level where 38000 is the next psychological hurdle. If it faces resistance at the 38000 mark then we can expect some profit booking otherwise the bullish momentum may continue towards 38700 levels. On the downside, 37400/37000 will be support levels after a gap- up opening.

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