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Technical Outlook:

Nifty (Spot):

Nifty is facing resistance in the 17450-17500 zone after a strong pullback from 200- DMA however overall structure is still 'buy on dip’ where if Nifty manages to cross 17500 level then 100-DMA of 17630 will be the next hurdle. On the downside, 17300-17250 is an immediate demand zone while 17100 is the next important support level.

Banknifty (Spot):

Banknifty is also facing some resistance around the 38500 level while 37800- 37500 is an immediate demand zone. If it manages to cross the 38500 level then we can expect a rally towards the 39000-39500 zone.

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