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Technical Outlook:

Nifty (Spot):

Nifty is consolidating after a strong rally where 17250 is an immediate and strong support level; below this, we can expect any short-term weakness towards 17050/16900 levels while if it manages to hold 17250 level then positive momentum is likely to continue. On the upside, the 17380-17430 area will be an immediate supply zone; above this, we can expect a move towards 17500/17600 levels. Traders are advised to wait and watch for the first 30-45 minutes to understand the trend and then trade accordingly.

Banknifty (Spot):

Banknifty is still underperforming and consolidating around the 37000 mark but the view will remain bullish till it trades above the 36000 level. On the upside, 37000-37200 is an immediate resistance zone; above this, we can expect a rally towards 37700-38000 levels.

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