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Technical Outlook:

Nifty (Spot):

Nifty (Spot): The market is trading very volatile and SGX Nifty is suggesting a big gap down opening where 17130-17044 will be the first demand zone while 17000-16800 is a critical demand zone. The uptrend will remain intact till the Nifty trades above the 16800 level as 16800 is a 200- DMA while on the upside, 17300/17450 will be immediate resistance levels.

Banknifty (Spot): Banknifty has relative strength but it is also facing resistance in the 39000-39500 zone. It is likely to open below 20-DMA of 38225 where 38000-37500 will be the next important support zone 37000-36500 is a critical demand zone.

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