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Technical Outlook:

Nifty (Spot):

Nifty is witnessing the first meaningful correction which may be extended towards the 13770-13700 zone where 13700 is a 50-DMA. On the upside 14000-14050 will be the immediate supply zone while 14200-14250 will be the critical resistance area. Traders are advised to stay with the momentum but most of the shorts should be covered in the 13800-13700 zone.

Banknifty (Spot):

Banknifty is likely to open below key support of 30000 which may lead to more pressure towards 29500/29000 levels. On the upside, 30500-31000 will be the immediate supply zone while 31500-31750 will be the next resistance zone.

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