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Technical Outlook:

Nifty (Spot):

Nifty is continuing its bullish momentum after one day of consolidation where it is heading towards the 17500 level while 17300 is an intermediate hurdle. On the downside, 17180 will be immediate intraday support while 17000 will act as immediate support at any correction. Traders are advised to remain with the trend with the "Buy on the dip" approach where if Nifty consolidates then we can expect midcap and smallcap stocks to outperform.

Banknifty (Spot):

Banknifty is also moving higher but it is underperforming where 37000 is an immediate hurdle while 37000-37700 is a critical resistance zone. On the downside, 36500 is immediate support whereas 36000 is the next important support level.

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