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Technical Outlook:

Nifty (Spot):

Nifty is trading in an important resistance zone of 17500-17600 after a decent pullback where it may see some consolidation or pullback towards 17250 level however if Nifty manages to take out 17600 level decisively then we can expect a move towards the next critical resistance zone of 17750-17800. Traders are advised to wait and watch for the first 30-45 minutes to understand the day trend and then trade accordingly where stock and sector-specific outperformance can be seen.

Banknifty (Spot):

Banknifty is facing resistance in the 37300-37400 zone and if it manages to take out this zone then we can expect a short-covering rally towards the 38000 level. On the downside, 36850-36800 is an immediate and strong support zone; below this, we can expect some weakness towards 36500/36300 levels.

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