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Technical Outlook:

Nifty (Spot):

Nifty has slipped below its 100-DMA where overall texture is weak however SGX Nifty is suggesting a positive opening therefore there is a risk of selling pressure after a positive opening where 16850-16800 will be the first support area while 16700/16400 are the next critical support levels. On the upside, 17125 will be the first strong resistance after positive opening while 17250-17300 will be the next critical supply zone. Traders are advised to respect the screen and levels and then trade accordingly.

Banknifty (Spot):

Banknifty is also witnessing meaningful correction however it is trading near its 200-DMA of 35700 where we can see some bounceback while any decisive move below 200-DMA may lead to further weakness towards the 35000-34800 zone. On the upside, 36300-36600 will be the first resistance zone while 37000-37500 is the next critical supply zone.

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