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Technical Outlook:

Nifty (Spot):

Nifty is trading volatile and 18300-18350 is acting as an immediate resistance zone while 20-DMA is acting as immediate support which is currently placed at 18010 level. We can expect Nifty to remain volatile in the range of 18100-18300 ahead of expiry while 18400-18450 is the next resistance zone on the upside. On the downside, if it slips below its 20-DMA then we can expect any meaningful correction.

Banknifty (Spot):

Banknifty is also consolidating where 41500 is an immediate resistance while 40500 is immediate support; below this, 40000 is a critical support level. It may remain volatile in the range of 40500-41200 ahead of expiry while a move above 41500 can lead to further strength however if it slips below the 40000 level then we can expect any meaningful correction.

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