Technical Outlook:

Nifty (Spot):

The Market is in a very strong bullish momentum where 12775-12800 is an immediate target area for the Nifty. Traders are advised to not to fight the momentum and should respect the screen but they should be nimble at higher levels because the market may witness profit booking after a vertical rise. On the downside 12430 will act as a support now therefore 12400 should be a stop loss for positional long traders.

Banknifty (Spot):

Banknifty is the leader of the current Bull Run and approaching the next target area of 29600-29800. On the downside, 28000 should act as an immediate support level while 27500 should be stop loss for positional long traders.

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