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Technical Outlook:

Nifty (Spot):

Nifty is trading in the critical resistance zone of 17600-16500 which is a cluster of 20 and 100-DMA and SGX Nifty is suggesting a big gap down opening on the back of weak global cues where 50-DMA of 17465 will be immediate support; below this, 17300 will be the next important support level. Traders are advised to wait and watch for the first 45 minutes to understand the market's behavior then trade accordingly.

Banknifty (Spot):

Banknifty has a better structure however 39250-39500 is an immediate resistance zone while 20-DMA of 38200 will be immediate support while 37500-37000 is a critical support zone.

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