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Technical Outlook:

Nifty (Spot):

Nifty is trying to stabilize near the critical support level of 16800 after a vertical fall. SGX Nifty is suggesting a gap up opening above 200-DMA where 100-DMA of 17285 will be an immediate hurdle; any decisive move above 17300 may lead to short-covering rally towards 17450- 17500 zone. On the downside, 17100 will be an immediate support level then 17000 will be the next intraday support level.

Bank nifty (Spot):

Banknifty is also trying to stabilize near the psychological level of 36000 however 36500-37000 is an immediate and strong supply zone; above this, we can expect a short covering rally towards 37500/38000 levels.

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