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Technical Outlook:

Nifty (Spot):

Nifty is facing resistance at 20-DMA and SGX Nifty is suggesting a big gap down opening on the back of weak global cues where 200-dma of 16800 is a critical support level. If Nifty manages to hold its 200-DMA then we can expect recovery otherwise weakness may get extend towards 16600/16400 levels. On the upside, 17000 will be an immediate hurdle after a gap down opening while 20-DMA of 17300 is a critical hurdle.

Banknifty (Spot):

Banknifty is also trading very volatile where 200-DMA of 36600 will be an immediate support level otherwise weakness may get momentum towards 36000-35500 zone. On the upside, 38000 is an immediate Susceptible area

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