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Technical Outlook:

Nifty (Spot):

Nifty is respecting its 20-DMA where 15900 is an immediate resistance; above this, we can expect a short covering rally towards 16000/16200 levels while if Nifty slips below its 20-DMA of 15700 then there will be a risk of short term correction where 15450-15335 is an important support area.

Banknifty (Spot):

Banknifty is underperforming where 20-DMA of 35060 is an immediate resistance and a sustainable move above this can lead a short covering rally towards 36000 level. On the downside 34500 is an immediate support level while 34000 is a critical support.

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