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Technical Outlook:

Nifty (Spot):

Nifty is consolidating after a strong bull run but there are no signs of weakness as of now where 17225/17150 are immediate support levels. SGX Nifty is suggesting opening with minor weakness where 17300 will act as an immediate intraday support level ahead of weekly option expiry while 17400 will act as an immediate hurdle therefore 17300-17400 is a well-defined trading range for the day while any decisive move from this band will dictate further direction.

Banknifty (Spot):

Banknifty is showing strength and outperforming for the last two trading sessions where 36900-37225 is an immediate resistance zone; above this, we can expect a short-covering rally towards 37700-38000 zone. On the downside 36500 is an immediate support level while 36000 will be the next important support level.

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