Nifty witnessed a breakout of 16700 resistance level to resume its upward journey but 16900-17000 is an immediate resistance zone - Swastika Investmart
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Technical Outlook:
Nifty (Spot):
Nifty witnessed a breakout of 16700 resistance level to resume its upward journey but 16900-17000 is an immediate resistance zone where we could see some consolidation while a move above 17000 may lead to a move towards 17350/17500 levels. On the downside, the 16700-16500 area has become a strong support zone while the 16880 will be an immediate intraday support level.
Banknifty (Spot):
Banknifty is showing good strength where 36500 is an important hurdle, above this, we can expect a massive short-covering rally towards 37200/37700 levels. On the downside, 36000 is an immediate and strong support level.
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