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Technical Outlook:

Nifty (Spot):​​​​​​

Nifty is breaking out after 8 days of consolidation where 17640 is an immediate target while 17800 and 18000 are the next target levels. On the downside, 17450 is an immediate support level while 17300 and 17100 are the next important support levels. Intraday traders should for look buying opportunities with a stop loss below 17450 while 17100 should be a stop loss for positional traders.

Bank nifty (Spot):

Banknifty is also moving higher however 36700-37000 is a critical supply zone; above this, we can expect a short-covering rally towards 37500/38000 levels. On the downside, 36000 is an immediate support level while 35500-35000 is a critical demand zone.

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