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Technical Outlook:

Nifty (Spot):

Nifty has slipped below its 200-DMA which is a cause of concern however 16900- 16800 is also a critical demand zone because 16900 is a 50% retracement of the previous rally while 16800 is a horizontal support level. The derivative data is also indicating an oversold market which is one hope for the bulls for the short-covering rally. If Nifty manages to hold the 16900-16800 zone then we can expect a bounce back where 17150-17300 will be an immediate supply zone while 17500 is a key hurdle

Bank nifty (Spot):

Banknifty has also slipped below 200-DMA however 36000 is a psychological support level; below this, we can expect more pain towards the 35000 level. On the upside, 36700- 37000 is an immediate supply zone while 37500 is the next hurdle.

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