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Technical Outlook:

Nifty (Spot):

Nifty has surrendered its 200-DMA that has changed overall structure to weak and Nifty has to come above the 17000 mark for gaining strength however 16000-15900 is a critical demand zone where we can expect a pullback while 16160 is an immediate support level. Anecdotally, high or low of the first day of new series act as an important support/resistance therefore traders are advised to watch that level. We generally see selling pressure at opening if the market opens higher following a big fall then it stabilizes around 10 AM so intraday traders should wait for the first 45 minutes to understand the trend and trade accordingly.

Banknifty (Spot):

Banknifty has also surrendered 200-DMA while 35000 is an immediate and psychological support level while 34250-34000 is a critical support zone. On the upside, 36000 is an immediate resistance while 37000-37500 is a critical resistance area.

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