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Technical Outlook:

Nifty (Spot):

Nifty is respecting its 50-DMA and bouncing back after a correction where we can expect some more upside towards 20-DMA that is currently placed at 18040 level however there is a risk of further selloff near to 20-DMA because 18000-18200 is also a critical supply zone; above this, we can say that the correction has ended and the market wants to resume its uptrend. On the downside, 17850-17820 will act as an immediate and intraday demand zone while 17700-17600 will be the next support zone.

Banknifty (Spot):

Banknifty is also respecting its 20-DMA and witnessing bounceback where 40000 is an immediate and psychological hurdle; above this, we can expect further bullish momentum towards 40500/41000 levels. On the downside, 39500 is an immediate and intraday support level while 39000/38500 will be the next important support levels.

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