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Technical Outlook:

Nifty (Spot):

Nifty is continuing its correction however 50-DMA may provide immediate support which is currently placed at 17565 level and we can expect some pullback from here. On the upside, 17800/17950 will be immediate hurdles while 18000-18200 will be a critical supply zone. On the downside, if it slips below its 50-DMA then we can expect further selling pressure towards 17450/17250 levels.

Banknifty (Spot):

Banknifty is also witnessing profit booking however it is respecting the 38800- 38500 demand zone; below this 38000 is a critical support level. On the upside, 39500 is an immediate hurdle while 40000/40500 will be the next hurdles.

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