Nifty is showing some profit booking and slipped below 18350-18300 support zone - Swastika Investmart
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Technical Outlook:
Nifty (Spot):
Nifty is showing some profit booking and slipped below 18350-18300 support zone that may lead to some more weakness where 18100 is immediate support while 20-DMA will be the next important support which may coincide with 18000-17950 zone. On the upside, 18300-18330 will act as an immediate supply zone after a positive opening while 18400 will be the next hurdle. Traders can play on the short side if Nifty fails to sustain above the 18300 level.
Banknifty (Spot):
Banknifty is outperforming and it may continue to outperform where 39500-39300 is an immediate demand zone; below this, we can expect some pressure towards the 38800-38500 support area. On the upside, 39700 is an immediate hurdle while 39900-40000 is a critical resistance zone.
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