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Technical Outlook:

Nifty (Spot):

Nifty is still stuck in the range of 15600-15900 and SGX Nifty is suggesting a gap up opening near to the higher end of the trading range where we need to understand the behavior of the market and if Nifty manages to show strength after a gap up opening then there is a good chance of breakout of this trading range in the upside where 16000 will be the next psychological hurdle. On the downside, 15800 will act as immediate support after a gap-up opening while 15700 will be the next support.

Banknifty (Spot):

Banknifty is also trading in the range of 34000-35150 and any decisive move from this band will dedicate further direction where 35700 is the next hurdle while 33300 is the next support level.

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