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Technical Outlook:

Nifty (Spot):

Nifty is stuck in the range of 16850-17450 where it is heading towards higher band of the range and any decisive move from this band will dictate further direction of the market. On the upside 17600-17650 will be the next hurdle while 16600 will be the next support level. The overall structure looks bullish therefore traders should play on the long side with stock and sector specific approach.

Bank nifty (Spot):

Banknifty is bouncing back from the support of 35500 level however 36700- 37000 is a critical supply zone and if it manages to take out this zone then we can expect a short covering rally towards 37500/38000 level. On the downside 36200-36000 will act as an immediate demand zone.

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