Nifty is still stuck in the range of 15600-15900 where we are near the upper end of the trading band and global cues - Swastika Investmart
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Technical Outlook:
Nifty (Spot):
Nifty is still stuck in the range of 15600-15900 where we are near the upper end of the trading band and global cues are a little negative so there is a risk of selling pressure. On the downside, 20-DMA of 15800 is an immediate support level while 50-DMA of 15710 will be the next support level. On the upside, if Nifty manages to trade above the 15900 level then we can expect a rally towards the 16000 mark.
Banknifty (Spot):
Banknifty is stuck between 100 and 20-DMA which are placed at 34150-35130 respectively and any decisive move from this band will dictate the further direction of the market where 35700 will be the next hurdle while 33900 will be the next support level.
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