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Technical Outlook:

Nifty (Spot):

After taking Support at 50-DMA and SGX Nifty is Suggesting a flat to Positive opening, however 18200 is acting as a minor hurdle; above this, we can see further upside towards 18300/18400 levels. In the downside, 18000 is an immediate support and below 17650 is a critical support level. Traders can go with the market momentum until the market shows any major signs of weakness where stock and sector-specific opportunities are available

Banknifty (Spot):

Banknifty is facing resistance at 20-DMA which is currently placed at 39500 level while 9-dma of 40070 is an immediate hurdle; above this, we can expect further move towards 40750-41350 zone. In the downside, below 39500 levels then we can expect selling pressure 38500 level.

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