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Technical Outlook:

Nifty (Spot): Nifty is respecting the key support level of 16000 and trading volatile in the range of 16000-16400. If Nifty manages to sustain above 16400 level then we can expect a short-covering rally towards 16700/16900 levels while if Nifty slips below 16000 then selling pressure may get extension towards 15700 levels.

Bank nifty (Spot): dle. If Banknifty manages to take out 34800 level then we can expect a short- covering rally towards 35500 level however if it slips below 33600 level then it may head towards 33000 level.

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