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Technical Outlook:

Nifty (Spot):

The market is trading range-bound with short-term negative bias where 14500-14450 is an immediate demand zone while 14250-14200 will be the critical support zone. On the upside, 14675-14700 is an immediate supply zone whereas 14775/14880 will be the next resistance levels. It is difficult to trade in such volatility where "Buy on Sharp dip" and "Sell on rise” strategy can be followed with strict stop losses.

Banknifty (Spot):

Banknifty is underperforming but it is sitting at crucial support of 100-DMA which is currently placed at 32500 and if starts to trade below 32500 then we can expect more weakness towards 31700-31500 zone otherwise we can see some bounceback where 33150 will be the first resistance while 33600/34000 will be the next resistance levels.

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