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Technical Outlook:

Nifty (Spot):

Nifty took support at 20-DMA and formed a kind of bullish hammer candlestick formation that may lead to a bullish reversal move from here followed by a pullback in the upside, 17800 is an immediate hurdle while 18000-18100 is a critical resistance zone that bulls need to take out for any meaningful rally. On the downside, 17500-17400 is an immediate critical demand zone then 17200 is the next important support level.

Bank nifty (Spot):

Banknifty is outperforming and took support at the gap created last Monday where 38000 is an immediate resistance level; above this, we can expect a rally towards the 38800- 39000 zone. On the downside, 37200-36700 is a critical demand zone.

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