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Technical Outlook:

Nifty (Spot):

Nifty manages to bounce back smartly from 50-DMA where 15836 is an immediate hurdle; above this, we can expect a move towards the 15920-15960 resistance zone. On the downside, 15775 is an immediate support level while 15730/15680/15635 will be the next support levels. Traders are advised to observe the market behavior near support and resistance levels and trade accordingly while the overall texture of the market is still "Buy on dip".

Banknifty (Spot):

Banknifty is underperforming and facing resistance at the psychological mark of 35000 while 34500-34350 is an immediate support zone and 34250-33900 is a critical support zone. On the upside, if it manages to cross the 35000 mark then 35200-35300 will be the next resistance area.

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