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Technical Outlook:

Nifty (Spot):Nifty is respecting the 15700-15650 support zone and SGX Nifty is suggesting a gap up opening. On the upside, 15900 is an immediate resistance then 16050 is the next hurdle. On the downside, 15700 will now act as an immediate support level. Traders are advised to wait for the first 30 minutes and then trade accordingly.

Bank nifty :Banknifty is also respecting its psychological support of 33000 where 33750- 34000 is an immediate resistance zone; above this, we can expect a short-covering rally towards the 34500 level. On the downside, 33500-33300 will act as an immediate demand zone after a gap- up opening.

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