Nifty may take out this level for a move towards the 18000-18200 zone - Swastika Investmart
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Technical Outlook:
Nifty (Spot):
Nifty is giving a proper follow-up to the bullish morning star candlestick formation formed on the weekly chart and it also manages to close above the cluster of 100 and 50-DMA. The previous swing high of 17640 is an immediate hurdle however there is a good chance that Nifty may take out this level for a move towards the 18000-18200 zone. On the downside, 17500 will act as immediate and strong support as we have seen meaningful put writing at this level whereas it is also a cluster of 50 and 100-DMA.
Banknifty (Spot):
Banknifty witnessed a sharp short-short covering rally after it managed to cross the cluster of 20 and 200-DMA which is currently placed in the 35700-35800 zone. On the upside, it is likely to head towards the cluster of 50 and 100-DMA that is currently placed at 37250 level while 36000-35700 will act as a strong support zone now.
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