Technical Outlook:
Nifty (Spot):
• Although the market is weak, it is also quite oversold, so a rebound is possible.
• SGX Nifty is suggesting a gap up opening where the 200-DMA of 17430 will be a critical support level.
• 17345 is an immediate support, while 17500 is an immediate hurdle.
• Above 17500, we can expect a short-covering move towards 17625/17750 levels.
Make money using our bank nifty option tip on a daily basis.
Bank nifty (Spot):
• Banknifty is facing resistance at the 20-DMA, placed around 41000.
• A move above the 20-day moving averages can trigger significant short covering.
On the downside, 403520 will be immediate support level.
