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Technical Outlook:

Nifty (Spot):

Nifty is facing stiff resistance at 20-DMA and SGX Nifty is suggesting a big down opening on the back of weak global cues where 200-DMA of 16865 is a critical support level. If Nifty manages to hold its 200-DMA then we can expect recovery otherwise weakness may get extension towards 16600/16400 levels. On the upside, 17200 will be an immediate hurdle after a gap down opening while 20-DMA of 17332 is a critical hurdle.

Banknifty (Spot):

Banknifty is also trading very volatile where 200-DMA of 36600 will be a critical support level where it should take support otherwise weakness may get momentum towards 36000-35500 zone. On the upside, 37500-38000 is an immediate and strong resistance zone.

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