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Technical Outlook:

Nifty (Spot):

Nifty is facing resistance at the 15900 level where 20-DMA of 15675 is an immediate and critical support level. If Nifty manages to hold this level then we can expect a positive momentum towards the 15775-15800 zone while if Nifty trades below 15675 level then selling pressure can be expected towards the 15600-15550 zone.

Banknifty (Spot):

Banknifty is underperforming and facing resistance at 20-DMA where 34500 is an immediate support level; below this 34000-33900 will be a critical support zone. On the upside, 35000-35100 is a critical supply zone and a sustainable move above this; we can expect a shortcovering rally towards the 36000 level.

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