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Technical Outlook:

Nifty :

Nifty is continuing its bullish momentum after creating a base in the 15700-16000 zone however 16700 is an immediate resistance where it may take some pause; above this, 16900 is the next resistance level. On the downside, 16500-16400 is an immediate demand zone while 16250- 16200 is the next critical support zone.

Bank nifty :

Banknifty is facing some resistance at a psychological level of 36000 followed by a stellar rally from 33000 level. On the downside, 35500 is immediate support; below this, we can expect some weakness where 35000-34800 is a critical demand zone. On the upside, if it manages to take out the 36000 level decisively then we can expect a move towards the 36500- 36800 zone.

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