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Technical Outlook:

Nifty (Spot): Nifty is trading near an important support level of 15700 after a vertical fall and SGX Nifty is suggesting a gap-up opening however the overall structure is still weak where Nifty has to sustain above the 16000 mark for a short-covering rally towards the 16170/16300 levels. On the downside, 15900-15850 will be an immediate and intraday demand zone after a gap opening while 15735-15670 is a critical support zone.

Bank nifty (Spot): Banknifty has slipped below the important support level of 34000 however 33300-33000 is an immediate demand zone where we can expect a bounceback while if it slips below the 33000 level then 32500/32000 will be the next support levels. On the upside, 34000/34400/34800 will be immediate resistance levels.

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