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Technical Outlook:

Nifty (Spot):

Nifty is trading volatile where 16350 is acting as immediate support while 16200- 16150 is a critical demand zone. On the upside, 16600 is an immediate hurdle while 16700 is the next important hurdle. There is a risk on situation globally today so we can also catch up the momentum therefore traders are advised to use the ‘buy on a dip or consolidation’ approach while global facing sectors like metal, IT, and Oil and Gas may do well.

Banknifty (Spot):

Banknifty is underperforming but it is respecting its 35000 support level on a closing basis while 34500 is a critical support level. On the upside, 35500 is an immediate and critical hurdle; above this, we can expect a short-covering rally towards the 36000-36500 zone.

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