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Technical Outlook:

Nifty (Spot):

Nifty is consolidating after taking support at S0-DMA and SGX Nifty is suggesting a positive opening however 18000-18200 is an immediate and critical supply zone where 20-DMA is placed at 18064 level therefore we can again expect selling pressure from this zone but if it manages to take out 18000-18200 zone then we can say that correction has ended and the market is ready for further rally. On the downside, 50-DMA of 17673 is an immediate and strong support level; below this, Nifty may see further weakness towards the 17450-17250 support zone.

Banknifty (Spot):

Banknifty is trying to hold 20-DMA which is currently placed at 39500 level while 9-DMA of 40067 is an immediate hurdle; above this, we can expect further strength towards the 40750-41350 zone while if it slips below 39500 level then we can expect selling pressure to continue towards 38500 level.

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