Nifty is in a sideways trend where it witnessed correction from 14950-15050 supply zone but 14620-14565 - Swastika Investmart
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Technical Outlook:
Nifty (Spot):
Nifty is in a sideways trend where it witnessed correction from 14950-15050 supply zone but 14620-14565 is strong demand zone and we can expect bounceback from here while if Nifty trades below this zone then Nifty may try to revisit towards support zone of 14400-14200. On the upside, 14730 is an immediate hurdle; above this, 14825-14850 will be the next resistance area.
Banknifty (Spot):
Banknifty is also consolidating where it manages to close above its 20-DMA of 32430 and if it manages to hold this zone then we can expect a pullback where 33200-33600 is a critical supply zone; above this, we can expect a short-covering rally while if it slips below 32200 level then we can see selling pressure towards 31500-31000 zone.
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