The Nifty50 is witnessing a fresh expansion phase after breaking out downsloping channel formation where 18,000-18,200 is an immediate target zone. If Nifty manages to take out 18,200 level then the bulls will eye for a fresh all-time high.

On the downside, the cluster of 50 and 100-DMA (daily moving average), around 17,500 level will act as an immediate and strong support level at any pullback while 17,300-17,150 is the next demand zone.

Momentum indicator RSI (relative strength index) has moved above the 60 mark that may generate thrust for further upside. Nifty is giving proper follow-up of bullish reversal morning star candlestick formation on the weekly chart.

Bank Nifty is also witnessing a strong move after crossing the cluster of 20-DMA and 200-DMA in the 35,700-35,800 area. The upside momentum may continue, however, 37,200-37,600 is a critical resistance zone where we can expect a pullback because 37,200 is a cluster of 50&100-DMA and 37,580 is a previous swing high. On the downside, 36,500 is an immediate support level while 36,000-35,700 is a critical demand zone.