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Technical Outlook:

Nifty (Spot):

Nifty is continuing its bullish momentum and SGX Nifty is suggesting another gap up opening where 14980-15000 will be the first resistance area while 15050-15100 will be the critical resistance area; above this, the overall trend may turn bullish. On the downside, 14800 will act as strong support ahead of expiry. It will be difficult to trade after a gap up opening where traders are advised to wait for the first 30-45 minutes then trade accordingly.

Banknifty (Spot):

Banknifty is showing decent strength where 34000-34200 will be the immediate supply zone after a gap up opeing; above this, we can expect further short covering towards 34600 level. On the downside, 33500-33450 will be the first support area while 33000 will be the key support level.

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