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Technical Outlook:

Nifty (Spot):

Nifty is trading volatile where it is facing resistance at 17500 level however 100-DMA of 17169 is an immediate support level and if it starts to trade below this level then we can expect further weakness towards 17050-16980 zone otherwise we can expect a bounceback. On the upside, 17280-17300 will be the first resistance zone while 17500-17615 is a critical supply zone. On the downside, 17930 is the next support level while 16789-16700 will be a critical demand zone. Traders are advised to wait for the first 30-45 minutes to understand the texture then trade accordingly by respecting the levels.

Banknifty (Spot):

Banknifty is trying to respect its 200-DMA but 36950-37125 is a critical resistance zone; above this zone; we can expect a short-covering rally towards 20-DMA that may coincide with the 37500 level. On the downside, if it starts to trade below its 200-DMA that is currently placed at 35750 level then we can expect further weakness towards the 35000 level.

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