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Technical Outlook:

Nifty (Spot):

Nifty is giving follow up of bearish engulfing candlestick formation formed on daily chart around 18300 level however 17800/17650 are critical support levels where we can expect fresh buying interest. The overall structure is bullish where this correction should be taken as a buying opportunity. On the upside 18080-18135 will be the immediate resistance zone while 18300-18350 is the next important resistance area.

Banknifty (Spot):

 Banknifty is outperforming and respecting the 38000 level on a closing basis while 37500-37000 is a critical demand zone to take fresh entry. On the upside 38500 is an immediate hurdle while 38850-39100 is a critical resistance zone; above this, we can expect a rally towards the 40000 level.

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