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Technical Outlook:

Nifty (Spot):

Nifty has surrendered its 200-DMA has changed the overall structure of the market. It took support at 16200 levels and then witnessed a smart pullback however 16900-17000 area is a critical resistance zone because it is placed at 200-DMA. SGX Nifty is trading on the negative side because of Russia Ukraine cris. If Nifty manages to take out the 16900-17000 supply zone then we can expect a rally towards 17200/17400 levels. On the downside, 16400 is an immediate and strong support level; below this, Nifty may again revisit the 16200-16000 support zone.

Banknifty (Spot):

Banknifty has also surrender 200-DMA while 35700 is an immediate and support level while 35650/35500 is the next critical support zone. On the upside, 36800/36900 is an immediate resistance level.

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