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Technical Outlook:

Nifty (Spot):

Nifty is trading very volatile where 14850-15050 is a well-defined trading band for the time being; any decisive move from this band will dictate the further direction of the market where 15180-15230 will be the next resistance zone while 14720 will be critical support in the downside.

Banknifty (Spot):

Banknifty is underperforming where 34675 is an immediate support level while 34200-34000 is the key support zone and till it trades above 34200-34000, there is a chance of a strong bounceback. On the upside, 35000 is an immediate hurdle; above this, 35500-35750 is a critical supply zone. If it manages to cross this zone then we can expect a big short-covering rally.

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