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Technical Outlook:

Nifty (Spot):

Nifty is trading near a resistance zone of 17950-18000 but not showing major signs of weakness and if it manages to take out this zone then we can expect a further rally towards the 18200/18300 levels. On the downside, 20-DMA of 17650 is immediate and strong support while 17450 is critical support. If we get any intraday dip then 17800-17750 will act as an immediate demand zone.

Banknifty (Spot):

Banknifty is consolidating where 38000-38300 is an immediate and critical resistance zone; above this, we can expect a short-covering rally towards the 39000 level. On the downside, 20-DMA of 37500 is immediate support; below this, we can expect some weakness towards 37000/36500 levels.

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