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Technical Outlook:

Nifty (Spot):

Nifty has given Positive closing above 17100 levels on yesterday’s trading session. However SGX Nifty is Suggesting a Negative opening & there is a risk of volatility because of Weekly expiry, where 16850-16800 will be the first support area while 16700 are the next critical support levels. On the upside, 17200/17250 levels in the minor hurdle above this we can expect 17350/17400 levels. Traders are advised to respect the screen and levels because the market may remain volatile.

Banknifty (Spot):

Banknifty has respected its 200-DMA level of 35500; while any decisive move below 200-DMA may lead to further weakness towards 35000 levels. On the upside, 36600 is the important resistance level and above this, we can expect 37000 levels.

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