Nifty is facing resistance near downsloping trendline resistance placed around 18150 after a smart rally - Swastika Investmart
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Technical Outlook:
Nifty (Spot):
Nifty is facing resistance near downsloping trendline resistance placed around 18150 after a smart rally, therefore, we could ess some profit booking where 17800 will be the first support level while 17600-17500 area has become a strong demand zone at any correction. On the upside, if the Nifty manages to sustain above the 18150 level then it may head towards a fresh all-time high where 18350 will be an intermediate hurdle.
Bank nifty (Spot):
Banknifty is also facing resistance near the 38750-39000 resistance zone where 37500 will be the immediate support level while 37000-36700 is a strong demand zone. On the upside, If it manages to take out the 39000 level then we can expect a move towards the 40700 level where 39500 will be an intermediate hurdle.
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