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Technical Outlook:

Nifty (Spot):

Nifty is witnessing sharp selling pressure after breaking down its 50-DMA where it is likely to head towards its 100-DMA that may coincide with the 17100 level. On the upside, 17500 will be an immediate hurdle while 17600 will be a critical hurdle. Traders are advised to stay with the momentum and use the 'sell on rise’ strategy however we can see some intraday pullbacks from lower levels.

Banknifty (Spot):

Banknifty is also witnessing sharp selling pressure where 100-DMA which is currently placed around 37000 level but it starts to trade below this level then we can expect further weakness towards 200-DMA which is currently placed at 35625 level. On the upside, 37500 will act as an immediate hurdle while 38000-38500 has become a critical supply zone.

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