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Technical Outlook:

Nifty (Spot):

Nifty is still in consolidation mode where 14750 is immediate support while 14600 is a critical support level. On the upside, 14950-15050 is a critical supply zone and only a decisive move above 15050 can lead a sharp rally. Today, we have weekly option expiry where 14800-14900 is the well-defined trading range for the day and any decisive move from this band can lead to any large swing.

Banknifty (Spot):

Banknifty is also consolidating where 20-DMA of 32425 is a strong support level while 33300-33700 is an immediate supply zone which is a cluster of 100 and 50-DMA. 33000 level may act as a fulcrum for the day where if it trades below 33000 then we can expect a move towards 32700 while if it trades above 33000 then we can expect a move towards 33300.

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