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Technical Outlook:

Nifty (Spot):

Nifty is trading near important support of S0-DMA around 17500 after a meaningful correction however SGX Nifty is suggesting another gap-down opening where if Nifty manages to hold 17500 level then we can expect a bounceback towards 20-DMA of 17800 level while if Nifty fails to hold 17500 level then we can expect further weakness where 17380/17150 are the next important support levels.

Banknifty (Spot):

Banknifty has relative strength where 37200-36900 is a very strong support zone that is a cluster of 50&20-DMA and if Banknifty manages to bounce back from here then we can expect a strong bullish momentum where 38300-38500 will be immediate resistance zone while 39000 will be the next resistance level. On the downside, if it starts to trade below 37000 level then the structure will become weak.

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