Nifty is witnessing a bouncing back and manages to hold its 100-DMA however 17420 - Swastika Investmart
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Technical Outlook:
Nifty (Spot):
Nifty is witnessing a bouncing back and manages to hold its 100-DMA however 17420 is an immediate and minor hurdle; above this, we can expect a short covering move towards critical resistance of 17615. SGX Nifty is suggesting a negative opening where 17325-17300 will act as an immediate demand zone; below this, we can expect any intraday weakness towards the 17200-17150 zone otherwise buy dip texture will be continued for the day.
Banknifty (Spot):
Banknifty is respecting its 200-DMA beautifully however 36800-37000 is an immediate and critical resistance zone; above this, we can expect a short-covering rally towards the 37500-37800 zone. On the downside, 36400-36350 is an immediate support zone while 36000- 35800 is the next support zone.
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