Nifty is consolidating in the demand zone of 16200-16000 with negative bias followed by a sharp cut last week - Swastika Investmart
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Technical Outlook:
Nifty (Spot): Nifty is consolidating in the demand zone of 16200-16000 with negative bias followed by a sharp cut last week. The market is oversold and trading near an important demand zone but there is no confidence among buyers. On an immediate basis, the Nifty is facing resistance in the 16400-16500 area; above this, we can expect a short-covering rally towards the 16700 level then 16900-17000 is the next supply zone. On the downside, if it slips below the 16000 level then we can expect a move towards the previous swing low of 15700 then 15500/15000 are the next important support levels.
Bank nifty (Spot): Banknifty is trying to hold the 34000 level and if it manages to cross the 35000 level then we can expect a short covering move towards 36000/36500 levels while if it slips below 34000 level then we can expect a fall towards 33000/32000 levels.
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