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Technical Outlook:

Nifty (Spot):

Nifty ended with a Doji formation at a crucial juncture of 200 and 100-DMA which coincides with a 38.2% retracement of the previous rally therefore it will be important to see whether bulls manage to show confidence or not. If Nifty manages to bounceback from here then we can expect a pullback towards 20-DMA of 17500 while if it fails to hold its 200-DMA then 17000-16900 is the next important support zone.

Bank nifty (Spot):

Banknifty is also sitting at an important juncture of 36700 because most of the important moving averages coincide with this area. If it manages to bounceback from here then 37500 will be an immediate hurdle while 36000 will be the next support level.

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