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Technical Outlook:

Nifty (Spot):

Nifty is showing strong bullish momentum and it has moved above its 200-DMA and 50-DMA however SGX Nifty is suggesting opening near 100-DMA of 17380 which is a critical hurdle where we can expect some profit booking while if Nifty manages to cross 100-DMA then we can expect further strength towards 17500/17600 levels. On the downside, 17200 will be an immediate and strong support level while 17000 has become a strong base in the near term.

Bank nifty (Spot):

Banknifty is also showing strength however 36700-37200 is a critical supply zone where we can expect some selling pressure while if it manages to cross the 37200 level decisively then we can expect a rally towards 38000 level. On the downside, 36000 is an immediate support level while 35500 is the next important support level.

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