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Technical Outlook:

Nifty (Spot):

Nifty is continuing its bullish momentum and SGX Nifty is suggesting another gap up opening where 17800-17850 will be the next important resistance zone. It is difficult to chase the gap up opening but traders are advised to not fight with the trend until the market shows any sign of weakness. On the downside, 17600 will act as an immediate intraday support after a gap-up opening while 17430/17250 will be the next important support levels.

Banknifty (Spot):

Banknifty finally broke out its consolidation and hits a fresh all-time high. 38000 will be an immediate and psychological hurdle after a gap up opening while a move above this level can lead to further strength towards the 38500 level. On the downside, 37500-37400 will be an immediate demand zone while 37100/36850 will be the next support levels.

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