Nifty is trading near-critical demand zone of 16800-16600 where we can expect a pullback rally while below this zone - Swastika Investmart
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Technical Outlook:
Nifty (Spot):
Nifty is trading near-critical demand zone of 16800-16600 where we can expect a pullback rally while below this zone, we can expect further weakness. On the upside, 17450-17500 will be immediate resistance while 17600/17800 will be the next important resistance area. SGX Nifty is suggesting a flat to a minor negative opening where traders should focus on the long side till Nifty trades above 16800 level.
Banknifty (Spot):
Banknifty is outperforming and managed to close above all important moving averages that may lead to further strength towards the 38800-39000 zone. On the downside, 37700- 37500 will act as an immediate support zone.
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