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Technical Outlook:

Nifty (Spot):

Nifty is consolidating after a strong run however overall texture is bullish where 17950 is acting as an immediate hurdle; above this, 18100/18200 are the next target levels. On the downside, 17800 will act as an immediate support level after positive opening while 17640/17500 are the next important support levels.

Banknifty (Spot):

Banknifty is outperforming however 38000-38500 is an important resistance zone; above this, we can expect a rally towards 39100/39500 levels. On the downside, 37500- 37000 is an immediate and strong support zone while 36000 will be the next critical support level.

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