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Technical Outlook:

Nifty (Spot):

Nifty is facing resistance at 20-DMA however there is buying interest around 15700, therefore, we can expect a positive momentum till Nifty manages to hold the 15700 level. On the upside, 15900 is an immediate hurdle; above this, we can expect a short-covering rally towards 16050/16200 levels. On the downside, if the Nifty starts to trade below the 15700 level then we can again expect weakness towards 15500/15350 levels.

Bank nifty :

Banknifty is underperforming however 33200-33000 is a strong support zone. On the upside, 33600-33900 is an immediate resistance zone; above this, we can expect a short-covering rally towards 34200/34500 levels while if it slips below 33000 level then 32500-32300 is the next support area.

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