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Technical Outlook:

Nifty (Spot):

Market texture has become weak with sell on rise structure after Nifty slipped below its 200-DMA however Nifty is trying to find its feet in the 16400-16200 zone but the confidence of bulls will be back only above 17100 level while if Nifty slips below 16200 then 15900 will be the next important support level.

Banknifty (Spot):

Banknifty is trading near an important psychological support level of 35000 and if it manages to hold this level then we can expect some short covering towards the 36350-36750 zone while if it slips below 35000 level then 34000 will be the next important support level.

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