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Technical Outlook:

Nifty (Spot):

Nifty is in strong bullish momentum and likely to open gap up however 18400-18425 will be immediate resistance zone where we could see some profit booking but above this, it is likely to head towards 18500 level. On the downside, 18300-18250 is an immediate demand zone while 18000-17950 will be a critical support area at any correction. Though the momentum is bullish, traders are advised to wait for the first 45 minutes to understand the market’s behavior after a gap up opening then trade accordingly where sector and stock-specific opportunities will be there.

Banknifty (Spot):

Banknifty outperformed in the last trading session and it may continue its outperformance in today's trading session as well where 40000 will be an immediate psychological hurdle. On the downside, 39500 will act as immediate support level after the gap-up opening while 38800-38500 will be a critical support area.

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