Nifty is continuing its bullish momentum where yesterday's high of 18543 may act as an immediate hurdle - Swastika Investmart
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Technical Outlook:
Nifty (Spot):
Nifty is continuing its bullish momentum where yesterday's high of 18543 may act as an immediate hurdle; above this, Nifty may see further upside towards the 18700 level. On the downside, yesterday's low of 18445 will be immediate support; below this, we can expect some weakness towards the 18300-18250 zone. Traders are advised to remain with the momentum but stay nimble if the market starts to show any signs of weakness however sector and specific movement may be continued.
Banknifty (Spot):
Banknifty is also showing positive momentum however 40000 is a psychological hurdle; above this, we can see a further short-covering rally towards 40500/41000 levels. On the downside, 39500 is immediate support; below this, we can expect some selling pressure where 38800-38500 will be the next important support zone.
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