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Technical Outlook:

Nifty (Spot):

Nifty is continuing its bullish momentum and manages to close above the important hurdle of 16600 which may lead to a further upside towards 16690/16800 levels. On the downside, 16575 is an immediate and intraday support level then 16490 is the next important support level. The trend is bullish with the 'buy on consolidation’ or ‘buy on dip' texture where generally Friday remains good amid a positive momentum in the market.

Bank nifty :

Banknifty is also continuing its upside bias where 200-DMA around 36500 is an immediate and critical hurdle; above this, we can expect a rally towards the 37000-37500 zone. On the downside, 36000-35800 is an immediate demand zone.

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