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Technical Outlook:

Nifty (Spot):

Nifty failed to sustain above the 17600 mark and then witnessed a sharp fall. SGX Nifty is suggesting another big gap down opening where 100-DMA of 17250 will be an immediate support level while 17175 is the next important support level therefore 17250-17175 may act as an immediate demand zone after a gap down opening. On the upside, 17350/17450 will act as resistance levels after a gap-down opening.

Banknifty (Spot):

Banknifty failed to cross the hurdle of 37500 where 36500 is an immediate support level; below this, 36000-35750 is the next critical support zone. 36800-37000 will act as an immediate resistance zone after a gap-down opening.

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