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Technical Outlook:

Nifty (Spot):

Nifty is consolidating near the resistance zone of 18300-18350 after a vertical rally where 18120 is acting as an immediate support level; below this, we can expect some profit booking towards 17950/17800 levels while 17650 is a major support at any correction. On the upside, if Nifty manages to take out 18350 level then we can expect a move towards the 18600 level. SGX Nifty is suggesting a weak opening where traders are advised to wait for the first 15-30 minutes to understand the behavior of the market then trade accordingly.

Banknifty (Spot):

Banknifty is facing resistance at 38850 which is a 61.8% retracement of the previous fall. On the downside, 38000 is an immediate psychological support level while 37500- 37000 is the next important support zone. On the upside, 38300-38500 will act as an immediate resistance area while 38800-39100 is the next resistance area.

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