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Technical Outlook:

Nifty (Spot):

Nifty is continuing its upside momentum however 17250 is an immediate and important hurdle; above this, we can expect further upside towards the 17400 level otherwise some selling pressure can be seen from here. On the downside, 17150 will act as immediate support now while 17000-16950 will be a critical support zone. Traders are advised to wait and watch for the first 30-45 minutes to understand the trend and then trade accordingly.

Banknifty (Spot):

Banknifty is still underperforming where 35500-36000 is a critical supply zone; only above this, we can expect any short-covering rally. On the downside, 35000-34900 is an immediate support zone while 34500 will be the next important support level.

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