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Technical Outlook:

Nifty (Spot):

Nifty is trying to respect its 20-DMA where 18250-18300 will be an immediate resistance zone while 18400-18450 will be the next resistance zone. On the downside, if it slips below the 17950 level then there is a risk of any meaningful correction. The market may remain range-bound and volatile where sector and stock-specific opportunities will be available.

Banknifty (Spot):

Banknifty is continuing its strong bullish momentum however 41500-42000 zone may act as an immediate supply zone while above the 42000 level, we can expect a further rally towards 42500. On the downside, 41000-40500 is an immediate demand zone while 40000 will be the next critical support level.

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