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Technical Outlook:

Nifty (Spot):

Nifty is continuing its correction and has slipped below its 20-DMA that may lead to further selling pressure towards 50-DMA which is currently placed around 17550 level. On the upside, 20-DMA which is currently placed around 18000 level, will act as strong resistance. We may again see selling pressure in the first hour however volatility may rise after that therefore traders are advised to trade cautiously with strict stop losses.

Banknifty (Spot):

Banknifty is also showing signs of topping out where 20-DMA of 39000 is immediate support; below this, we can expect further sell-off towards the 38750-38350 zone. On the upside, 40000 will act as a strong resistance now.

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