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Technical Outlook:

Nifty (Spot):

Nifty is facing resistance at 100-DMA and witnessing selling pressure with bearish engulfing candlestick pattern where 200-DMA around 17000 is immediate support while 16800 will be the next major support level. SGX Nifty is suggesting a flat to positive opening however we can see selling pressure at a positive opening where 17180 will be an immediate hurdle.

Bank nifty (Spot):

Banknifty is also facing resistance at 200-DMA and witnessing selling pressure and we can expect further pressure towards 20-DMA of 35500 while 35000 is major support. On the upside, 36170 is an immediate resistance while 36500-36700 is a major resistance zone.

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