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Technical Outlook:

Nifty (Spot):

Nifty is approaching the higher end of the trading band of 15650-15900 where if it manages to take out the 15900 level then we can expect a short-covering rally towards 16000/16200 levels otherwise sideways movement will be continued. On the downside, 15800 will be immediate support; below this, we can expect any intraday weakness towards the 15720-15700 zone.

Banknifty (Spot):

Banknifty is showing some strength from the 34500 support level where 35250- 35500 is a resistance zone; any decisive move above 35500 level can lead a short-covering rally towards 35800/36000 levels. On the downside, 35100/34900 will be immediate support levels.

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