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Technical Outlook:

Nifty (Spot):

Nifty is again witnessing selling pressure from the resistance of 17600 after a pullback where 17300-17200 is an immediate support area however Nifty is likely to head towards its rising 100-DMA that is currently placed at 17070 level. On the upside, 17450-17500 will act as an immediate resistance zone while 17600 is the next important hurdle. Traders are advised to stay with the momentum with the ‘sell on rise’ approach.

Banknifty (Spot):

Banknifty outperformed yesterday but it is vulnerable to further sell-off till it trades below the 38000-38500 supply zone. On the downside, 37000-36500 is acting as an immediate support zone while it is likely to head towards its 200-DMA which is currently placed at 35700 level.

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