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Technical Outlook:

Nifty (Spot):

Nifty is consolidating where it respected its support of 17250 in yesterday's trading session. On the upside, 17380-17430 is an immediate supply zone; above this, we can expect a move towards 17500/17600 levels. However, 17335 will be immediate and intraday support after a gap-up opening and traders are advised to continue with the ‘buy on dip' strategy until the market shows any signs of weakness.

Banknifty (Spot):

Banknifty is still underperforming but it may catch up momentum anytime till it trades above the 36000 mark where 37000-37200 is an immediate resistance zone while 37700- 38000 will be the next resistance level. However, 36650-36575 will be an intraday support zone after a gap-up opening.

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