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Technical Outlook:

Nifty (Spot):

Nifty is trading sideways where 20-DMA of 14580 is an immediate and important hurdle and if it manages to trade above 20-DMA then we can expect a move towards 50-DMA which is currently placed at 14800 level. On the downside, 100-DMA of 14400 is immediate support while 14250 is critical support on a closing basis.

Banknifty (Spot):

Banknifty is pausing near 20-DMA of 32450 after a strong pullback from the 30500 level. If it manages to trade above 20-DMA then we can expect a move towards the 33000 level. On the downside, 31850-31700 is an immediate demand zone while 31350 will be the next support level.

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