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Technical Outlook:

Nifty (Spot):

Nifty witnessed some profit booking after hitting a fresh all-time high of 17225 which may act as an immediate resistance but the overall trend is still bullish where 17000 is an immediate and strong support level. Therefore, 17000-17225 is a well-defined trading band for today's trading session and any decisive move from this band will dictate further direction. 16700 will be a strong support level at any correction while 17500 is the next target on the upside.

Banknifty (Spot):

Banknifty manages to close above a key hurdle of 36500 but still struggling to show momentum where 37200-37700 is an important resistance zone. On the downside, 36500- 36250 is an immediate demand zone while 36000-35900 is a strong support area.

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