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Technical Outlook:

Nifty (Spot):

Nifty is trading volatile where it witnessed selling pressure from 17875-18950 zone but manages to hold its 20-DMA of 17600. SGX Nifty is suggesting a big gap up opening where we could see some selling pressure in the 17775-17800 zone after a gap up opening but 17725-17700 will act as an immediate support zone, therefore, we can expect sideways and range bound session today. If Nifty starts to trade below 17700 or above 17800 then we can expect a trending move.

Banknifty (Spot):

Banknifty also witnessed selling pressure from the 38000-38300 zone but 37500- 37350 is an immediate and strong zone; below this, we can expect any meaningful weakness. On the upside, if it manages to cross the 38000-38300 supply zone then a short-covering rally may take it towards the 38700-39000 zone.

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