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Technical Outlook:

Nifty (Spot):

The Nifty witnessed strong bounceback from its 20-DMA however 17725-17775 is a critical resistance zone where it can again see selling pressure. Global cues are weak and SGX Nifty is suggesting a gap down opening however we are outperforming and Nifty could witness bounceback after an initial dip but there will risk of a second dip in the market. 17660-17700 will act as an immediate resistance zone after a gap down opening while 16620-16600 will be the first support zone and 17450 is a critical support level.

Banknifty (Spot):

Banknifty also respected its 20-DMA where 37300 will be the first support level after a gap down opening while 36900 is critical support because below, 36900, we can expect any major weakness. On the upside, 37500 will act as an immediate hurdle while 38000 is a critical hurdle.

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