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Technical Outlook:

Nifty (Spot):Nifty respected its 20-DMA of 16250 yesterday and witnessed a decent pullback however SGX Nifty is suggesting a big gap down opening near to 16250 level. If Nifty starts to trade below the 16250 level then there will be a risk of further weakness towards 16050/15900 levels while if Nifty manages to bounce back from the 16250 level then 16400 will be the first intraday resistance while 16500 is a major hurdle.

Bank nifty :Banknifty also respected its 20-DMA of 34650 and witnessed a bounce back but its 20-DMA is under threat today. If Banknifty starts to trade below the 34650 level then it may head towards the 34250-34000 zone while if it manages to hold its 20-DMA then 35000 will be an immediate and important hurdle.

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