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Technical Outlook:

Nifty (Spot):Nifty is facing resistance at the 16700 level however 16400-16350 is a critical demand zone where we can expect bounce back while if Nifty slips below the 16350 level then there is a risk of further selling pressure where 20-DMA of 16225 will be the next support. On the upside, 16550- 16600 is an immediate resistance zone while if Nifty manages to take out the 16700 level then we can expect a rally towards the 16900 level.

Bank nifty :Banknifty is outperforming and 35500-35250 is acting as an immediate demand zone while 35800-36000 area is acting as a resistance zone; any decisive move above 36000 can lead to a short-covering rally towards the 36750 level. On the downside, 35000-34800 is the next demand zone.

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