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Technical Outlook:

Nifty (Spot): Nifty is trading sideways where it is facing resistance at the 16400 level however 16100-16000 is a strong demand zone and if we look at the OI data then there is the highest OI buildup at the 16000 strike put option therefore bulls will try to defend 16000 mark but if Nifty slips below 16000 level then we can expect a selling pressure towards 15800-15700 zone. On the upside, if the Nifty manages to take out the 16400 resistance level then we can expect a short-covering rally towards the 16700 level.

Bank nifty (Spot): Banknifty is outperforming however 34800-35000 is a critical supply zone; above this, we can expect a short-covering rally towards the 36000 level. On the downside, 34000- 33900 is an immediate demand zone and the 34000 strike put option is holding the highest OI, therefore, we can expect a bounceback from here while if it slips below the 33900 level then we can expect selling pressure 33300-33000 zone.

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