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Technical Outlook:

Nifty (Spot):

Nifty is continuing its strong bullish momentum however consolidation or pullbacks can't be ruled out after four days of a strong run and SGX Nifty is suggesting a gap down opening on the back of weak global cues where 17825-17800 will be the first support zone while 17750/17670 will be the next important support levels where we can expect bounceback. The texture is still 'buy on dip' where 17880 will be the first resistance after a gap down opening while 17950- 18000 will be the next resistance area.

Banknifty (Spot):

Banknifty is outperforming where 38000 is an immediate and psychological hurdle; above this, we can expect a further rally towards the 38500 level. On the downside, 37300 will be the first support level after a gap down opening while 37000-36800 area will be the next support zone.

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