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Technical Outlook:

Nifty (Spot):

Nifty is still stuck in the range of 16850-17450 however it is forming higher bottoms as recent swing lows were 16824/16888/16917 respectively which is a good sign for the bulls. On the upside, 50-DMA of 17150 is an immediate hurdle; above this, 17250 is the next resistance level. On the downside, 17000/16900 will be immediate support levels.

Bank nifty (Spot):

Banknifty is respecting 35500 level where 50-DMA of 36250 is an immediate hurdle then 36750-37000 is a critical resistance zone; above this, we can expect major short covering rally. On the downside, 35800/35500/35000 is important support levels.

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