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Technical Outlook:

Nifty (Spot):

Nifty is respecting 50% retracement of the previous rally and SGX Nifty is suggesting a gap up opening where 17123/17200/17285 are immediate resistance levels. On the downside, 16800 has become a sacrosanct support level; below this, we can expect any meaningful correction.

Bank nifty (Spot):

Banknifty took support at 35500 level and manages to close above 36000 level where we can expect further strength towards 36500 level however 36500-36700 is a critical supply zone; above this, we can expect a short covering rally.

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