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Technical Outlook:

Nifty (Spot):

Nifty has formed a temporary bottom at the 15183 level however 15700-15900 is a critical supply zone; above this, positive momentum is likely to pick up towards 16050/16200 levels. On the downside, 15500 will act as immediate and intraday support while 15350 is the critical support level. Intraday traders can look for buying opportunities till the Nifty trades above the 15500 level where the stop loss would be the 15350 level.

Bank nifty :

Banknifty is also forming a base at the 32500 level however 33700 is a critical hurdle on the upside; above this, we can expect a short-covering rally towards the 34500 level. On an immediate basis, 33000 will act as strong support after a gap-up opening.

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