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Technical Outlook:

Nifty (Spot) Nifty is continuing its bullish momentum while momentum has slowed down where 16200 is immediate and strong support while 16350-16400 could act as a minor resistance zone. Since the overall trend is bullish, so traders are advised to continue with a buy-on intraday dips strategy with a stop loss of 16150 while 16000-15900 has become a major base for positional traders.

Banknifty (Spot): Banknifty is consolidating around the 36000 mark where any decisive move above 36500 can lead a strong rally where 36500 will be immediate resistance while 37200-37600 will be the next resistance zone. On the downside, 35650-35600 is an immediate support area while 35150- 35000 is a critical support zone.

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