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Technical Outlook:

Nifty (Spot):

Nifty paused around 200-DMA after a smart rally and witnessed a pullback however SGX Nifty is suggesting a big gap up opening nears its 20-DMA which is currently placed 16980. If Nifty manages to take out the 17000-17075 resistance zone then we can expect a short-covering rally towards 17250/17350 levels. On the downside, 16700 will be immediate support after a gap-up opening while 16500-16400 is a critical demand zone.

Banknifty (Spot):

Banknifty also paused near its 20-DMA which is currently placed around 35800 level; above this, we can expect a short-covering rally towards the 36500-37000 zone. On the downside, 35150-35000 will be an immediate support zone after a gap up opening while 34300- 34000 is a major demand zone.

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