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Technical Outlook:

Nifty (Spot):Nifty is facing resistance at the 16800 level after a smart pullback of more than 1000 points and there is a probability of some profit booking but 16400-16350 will be an immediate and critical demand zone where we can again expect a bounceback. On the upside, 16650 is an immediate and intraday resistance while 16800-16900 is a critical resistance zone.

Bank nifty :Banknifty is struggling to sustain above the 36000 mark and there is a probability of some profit booking but 34800-34500 will be an immediate and critical demand zone where we can again expect a bounceback. On the upside, 35450-35500 is an immediate and intraday resistance zone while 36000-36300 is a critical resistance zone.

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