Banknifty is also trading volatile where 38000-38500 is acting as an immediate resistance zone - Swastika Investmart
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Technical Outlook
Nifty (Spot):
Nifty has completed its unfinished business of testing its 200-DMA. It took support at 200-DMA and then witnessed a smart pullback however 17400-17600 area is a critical resistance zone because it is a cluster of 20,50 and 100-DMA. If Nifty manages to take out the 17400-17600 supply zone then we can expect a rally towards 18000/18300 levels. On the downside, 17100 is an immediate and strong support level; below this, Nifty may again revisit the 16850-16800 support zone.
Banknifty (Spot):
Banknifty is also trading volatile where 38000-38500 is acting as an immediate resistance zone; above this, 39000-39500 is the next important resistance area. On the downside, 50-DMA of 37250 is an immediate support level then 200-DMA of 36500 is a critical support level.
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