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Technical Outlook:

Nifty (Spot): Nifty is facing resistance at 16400 level after a smart pullback rally and SGX Nifty is suggesting a big gap down opening where 15950-15900 is an immediate demand zone; if Nifty slips below 15900 level then it may head towards 15740-15670 zone otherwise we can expect a recovery towards 16000/16200 levels.

Bank nifty (Spot): Banknifty was struggling to sustain above 34500 resistance level after a pullback where 33550-33350 will be the immediate demand zone after a gap down opening; below this, 33000-32900 will be the next critical support zone. On the upside, 34000/34500 will be resistance levels

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