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Technical Outlook:

Nifty (Spot): Nifty is witnessing correction from 17950-18000 resistance zone where 17600 is immediate support level while 17475 will be the next important support level. The texture of the market is looking where traders should continue with sell on rise strategy till Nifty trades below 17800 level where 17740 will be the first resistance after a gap down opening.

Banknifty (Spot):Banknifty is outperforming but it is also facing some resistance in the zone of 38000-38500. On the downside, 20-DMA of 37000 will act as an immediate and critical support level; below this, it may see further selling pressure towards the 36300-36000 zone. 37900-38000 will act as an immediate resistance zone after a gap down opening.

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