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Technical Outlook:

Nifty (Spot):

Nifty took support at up sloping trendline support after a vertical fall from 20-DMA and witnessed a bullish hammer candlestick formation that may witness a pullback rally where 17500 is an immediate hurdle while 17600-17800 is a critical resistance zone. On the downside, 17000-16800 is a critical support zone.

Banknifty (Spot):

Banknifty also took support at upsloping trendline and witnessed a bullish hammer candlestick formation where 20-DMA of 38200 is an immediate hurdle; above this, we can expect a short-covering rally towards 39000-39500 zone. O the downside, 37000 is a key support level.

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