Nifty is suggesting a gap up opening where traders are advised to observe the market behavior around the 18200 level - Swastika Investmart
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Technical Outlook:
Nifty (Spot):
Nifty manages to close above the psychological level of 18000 for the second consecutive day however 18200 is an immediate resistance level; above this, we can expect a swift move towards a new all-time high. On the downside, 17800 is immediate support while 17640/17500 are major support levels. The overall structure is very bullish and SGX Nifty is suggesting a gap up opening where traders are advised to observe the market behavior around the 18200 level and then trade accordingly.
Banknifty (Spot):
Banknifty is outperforming where 38300-38500 is an immediate resistance zone; above this, we can expect a rally towards 39500/40000 levels. On the downside, 38000-37750 is an immediate demand zone while 37300-37000 is the next support zone.
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