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Technical Outlook:

Nifty (Spot): Nifty is consolidating after a strong rally where 17950-18000 is an immediate resistance zone while 17800-17750 is an immediate demand zone therefore we have a well-defined trading band of 17750-18000 for time being and any decisive move from this band will dictate the further direction of the market where 18200 will be the next important hurdle while 17500-17450 will be the next support zone.

Banknifty (Spot): Banknifty is outperforming where 38000-37900 is an immediate and strong support area while 38500 will act as an immediate hurdle. If it slips below 37900 level then we can expect selling pressure towards 37500/37000 levels.

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