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Technical Outlook:

Nifty (Spot):

Nifty is still facing resistance at the 15900 level where 20-DMA is an immediate and important support level that has moved to the 15750 level. If Nifty slips below 20-DMA then we can expect any meaningful correction where 15450-15335 will be the next important support zone. On the upside, if Nifty manages to take out the 15900 level decisively then we can expect a rally towards 16000/16200 levels.

Banknifty (Spot):

Banknifty is trying to show strength where 35500 is immediate resistance and if it manages to sustain above this level then we can expect a move towards 35800/36500 levels. On the downside, 35000 is an immediate support level; below this, 34000 will be the next important support level.

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