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Technical Outlook:

Nifty (Spot):

Nifty is facing some resistance at 16700 but it is not showing any weakness where any decisive move above 16700 can lead a short-covering rally towards the 16900 level. On the downside, 16600-16550 is an immediate support area while 16350 will be a critical support level at any pullback. We could see another range bound session today in the range of 16575-16700.

Banknifty (Spot):

Banknifty is also consolidating in the range of 35400-35900 where a move above 35900 can lead some upside towards 36200 level while if it slips below 35400 level then it may head towards 35200-35000 zone.

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