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Technical Outlook:

Nifty (Spot):

Nifty is showing signs of weakness and closed below its 50-DMA that may lead to further weakness where 17600 will be the first support while 17450 will be the next support level. On the upside, 17800 will be an immediate and strong hurdle while 18000 is a critical hurdle; only above 18000, we can expect a short-covering rally otherwise sell on rise trend will be continued.

Banknifty (Spot):

Banknifty is underperforming however 37750 is immediate and strong support where it is trying to bounce back but if it starts to trade below the 37750 mark then we can expect further selling pressure towards the 37000 mark. On the upside, the 38350-38500 area will act as an immediate and critical resistance zone; above this, we can expect a short-covering rally.

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