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Technical Outlook:

Nifty (Spot):

Nifty is continuing its positive momentum however 100-DMA of 17425 is an immediate resistance while 50-DMA of 17516 is the next important hurdle therefore 17425-17516 is a critical resistance zone where we can expect some kind of volatility. On the downside, 17325/17280 are immediate support levels while 20-DMA of 17150 is a critical support level. Traders are advised to wait and watch for the first 45 minutes to understand the trend and then trade accordingly.

Banknifty (Spot):

Banknifty is trying to create a base however 35700-35800 is a critical resistance zone as 200 and 20-DMA are placed at these levels respectively; above 35800, we can expect a short-covering rally towards 36500/37000 levels. On the downside, 35400 is an immediate intraday resistance while 35000/34700 will be the next important support levels.

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