Nifty is witnessing a correction and SGX Nifty is suggesting a big gap down opening - Swastika Investmart
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Technical Outlook:
Nifty (Spot):
Nifty is witnessing a correction and SGX Nifty is suggesting a big gap down opening below its 20-DMA where 17300-17150 is a critical demand zone which is a cluster of 50, 100, and 200-DMA. If Nifty manages to hold the 17300-17150 support zone then we can expect a recovery where 20-DMA around 17500 will act as immediate and strong resistance.
Bank nifty (Spot):
Banknifty is outperforming however it is also likely to open on a weaker note where 37000-36700 is a critical demand zone because all-important moving averages are placed in this zone therefore we can expect a bounceback from this area where 37500/38000 are immediate resistance levels.
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