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Technical Outlook:

Nifty (Spot):

Nifty is still in the well-defined range of 15650-15900 and we are approaching the higher band of the range with positive bias so there is a risk of some profit booking at higher levels but if Nifty manages to sustain above 15900 level then we can expect a short-covering rally towards 16000/16200 levels. 15830-15800 will act as an immediate and intraday demand zone and we can expect any weakness only below the 15800 level. Traders are advised to observe the market behavior near 15900 level and then trade accordingly.

Banknifty (Spot):

Banknifty is near key resistance of 35800 and if it manages to cross this level then we can expect a short-covering rally towards 36500 level where 36000 will be intermediate hurdle while if it fails to cross this level then there will risk of profit booking where 35500-35350 is an immediate demand zone.

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