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Technical Outlook:

Nifty (Spot):

Technically, 18300-18350 is a minor resistance zone where Nifty witnessed a bearish engulfing candlestick pattern that may lead to further weakness. Yesterday's low of 18085 is at 9- DMA,; below this, 17950/17800 will be the next important support level while 17650 is critical support at any correction however every correction is a good buying opportunity.

Banknifty (Spot):

Banknifty was outperforming before 2:30 PM however 38800-39100 is an important resistance zone and 38850 is a 61.8% retracement of the previous fall where it witnessed sharp profit booking in late trade. On the downside, 38000 is an immediate and psychological support level while 37500/37000 will be the next major support levels. On the upside, if it manages to take out the 39100 level then we can expect a rally towards the 40000 level.

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