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Technical Outlook:

Nifty (Spot):

Nifty is continuing its bullish momentum post a minor correction and it manages to close above 16600 resistance level which may lead to further upside towards 16700/16800 levels. On the downside, 16500 will act as strong support level ahead of expiry whereas 16590 will act as an immediate intraday support level to play the ‘buy on dip’ approach.

Banknifty (Spot):

Banknifty breaks its underperformance and manages to close above the hurdle of 36500 which may lead to further bullish momentum towards 36000/36500 levels. On the downside, 35000 will act as strong support ahead of expiry whereas 35550-35500 will act as an immediate and intraday demand zone.

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