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Technical Outlook:

Nifty (Spot):

Nifty witnessed a closing above 16800 gives confidence to the bulls however 200- DMA of 16975 and gap area of 17075 are immediate hurdles; above these levels, we can expect a further short-covering rally towards 17200/17350 levels. On the downside, 20-DMA of 16740 will act as immediate support while 16500-16400 is the next support zone.

Banknifty (Spot):

Banknifty outperformed in the leadership of HDFC Bank however 35750-36000 is an immediate and critical resistance zone; above this, we can expect a short-covering rally towards 36500/37000 levels. On the downside, 35000 is immediate support while 34300-34000 is the next support zone.

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