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Technical Outlook:

Nifty (Spot):

Nifty is still consolidating in the range of 20 & 50-DMA where it is trying to take support at 50-DMA which is currently placed at 17775 level while facing resistance at 20-DMA which is currently placed at 18080 level and any decisive move from this band will dictate further direction. On the downside, if it slips below the 17775 level then there is a risk of further selling pressure towards the 17450-17250 zone. If we talk about intraday then Nifty may try to move towards 18000 but that will act as a strong hurdle.

Banknifty (Spot):

Banknifty is also trading near a critical support zone of 38500-38250 where we can expect some bounceback however 38800-39000 will act as a first resistance zone while 39500- 39700 is the next critical resistance area. On the downside, if it slips below the 38250 level then there is a risk of major weakness.

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