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Technical Outlook:

Nifty (Spot):

Nifty is respecting 16800-16600 however it has multiple resistance in the zone of 17400-17800; above this, we can expect a short-covering rally towards 18300/18600 levels. There is a high probability that 16800-16600 has become flor for the Nifty for time being and the market is ready to move higher but if Nifty slips below 16600 level then things can become ugly.

Banknifty (Spot):

Banknifty is looking strong as it is trading above its all-important moving averages however 38800-39100 is an immediate resistance zone; above this, we can expect a shortcovering rally towards 40000/41000 levels. On the downside, 37500 is immediate support while 36500-36000 is a critical support zone.

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