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Technical Outlook:

Nifty (Spot):

Nifty is witnessing correction but trading near to important support level of 18000 where we can expect some short covering bounceback towards 18250-18300 resistance zone; above this, 18400-18450 will be the next resistance zone however any decisive move below 18000 can lead to any meaningful correction in the market. The market may remain volatile but stock and sectorspecific opportunities will be available.

Banknifty (Spot):

Banknifty is continuing its outperformance where 40500 is an immediate hurdle; above this, it is likely to head towards 41000/41500 levels. On the downside, 40000 will act as an immediate support level while 39500-39300 is the next important support zone.

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