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Technical Outlook:

Nifty (Spot):

Nifty is stuck in the well-defined trading range of 17450-16850 for the last many days and today, SGX Nifty is suggesting a big gap down opening near the lower band of 16850. If Nifty manages to hold 16850 level then we can expect a recovery where 17070/17200 will be immediate hurdles while if Nifty starts to trade below 16850 level then we can expect more pain towards 16600/16400 levels.

Bank nifty (Spot):

Banknifty is also likely to open in the support zone of 35500-35000 and if it manages to hold this zone then we can expect recovery where 36000/36500 will be immediate resistance levels while if its slips below 35000 level then there will be risk of a cut towards 34000 level.

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