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Technical Outlook:

Nifty (Spot):

Nifty crosses 17950-18000 resistance zone and is given a closing above 18000 on the previous trading session. SGX Nifty is Suggesting a Positive opening, however, 18200 is acting as a minor hurdle; above this, we can see further upside towards 18300/18400 levels. On the downside, 18000 is immediate support. Traders can go with the market momentum until the market shows any major signs of weakness where stock and sector-specific opportunities are available.

Banknifty (Spot):

Banknifty is taking support from their critical support zone of 38500-38250 where we can expect some bounceback however 9-DMA is an immediate hurdle at 39000-39200; above this, we can expect a further move towards 40000-40200 zone. On the downside, 38250 is the important support level then there is a risk of a major Weakness.

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