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Technical Outlook:

Nifty (Spot):

Nifty is extending its gain after a meaningful correction and SGX Nifty is suggesting another gap up opening where 20-DMA of 17150 will be immediate resistance; above this, we can expect further upmove towards next hurdle of 17250 level. On the downside, 17070 will be immediate support after a gap-up opening while 16950 is the next important support level. Nifty is likely to remain sideways with positive bias however stock specific movement will be continued.

Banknifty (Spot):

Banknifty is underperforming and it may remain sideways with little underperformance where 200-DMA of 35700 will remain immediate resistance level. On the downside, 35000 will be the immediate support level while 34700-34500 is the next support zone.

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