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Technical Outlook:

Nifty (Spot):

Nifty is extending its weakness after slipping below its 50-DMA where 17000 will be an immediate and strong support level where we can expect a pullback as the market is in extreme oversold territory while 16800 is a key support level. On the upside, 17300 will be immediate and intraday resistance while 17500-17625 is the next resistance zone. It is expected that we could see some pressure in the early morning after a flat opening but then we can expect a sharp recovery post 10 AM.

Banknifty (Spot):

Banknifty also starts to witness profit booking however 37700-37500 is a strong demand zone where we can expect a recovery while below 37500, weakness can be extended. On the upside, 38200-38250 is an immediate resistance zone while 38800-39000 is the next resistance area.

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