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Technical Outlook:

Nifty (Spot):

Nifty is continuing its correction after a pullback where 16800-16700 is a critical demand zone. SGX Nifty is suggesting a positive opening where 17000 is an immediate hurdle and if Nifty manages to sustain above the 17000 level then we can expect a short-covering rally towards 100-DMA Of 17181. There is a good chance that we may see some selling pressure after a gap up opening but the market may again recover after initial 15-20 minutes of volatility. Traders are advised to wait and watch for the first 15-20 minutes to understand the trend then trade accordingly.

Banknifty (Spot):

Banknifty is respecting its 200-DMA where 36000 is an immediate intraday resistance and if Banknifty manages to sustain above 36000 mark after a positive opening then we can expect a short-covering rally towards 36500/37000 levels. On the downside, if it starts to trade below its 200-DMA that is currently placed at 35700 level then we can expect further weakness towards the 35000 level.

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