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Technical Outlook:

Nifty (Spot):

Nifty is witnessing a correction from 14750 level where 20-DMA is immediate and important support which is currently placed around 14300. SGX Nifty is suggesting a gap up opening where 14520-14540 will be the first supply zone while 14620-14650 will be the next supply zone. On the downside, if the Nifty slips below 14300 level then we can expect any major fall towards 13950/13800 levels. The first gap up is likely to be sold into but we have to watch market behavior post 10 AM to understand the trend for the entire day.

Banknifty (Spot):

Banknifty is witnessing major signs of weakness where 31000-30900 is an immediate and critical demand zone because below 30900, we can expect any major fall towards the 30000 mark. 31600-31800 will be the immediate supply zone; above this, we can expect positive momentum towards the 32200-32300 zone.

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