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Technical Outlook:

Nifty (Spot): Nifty is trying to find some support near the 16000 mark but global cues are not supportive and SGX Nifty is suggesting a gap down opening where yesterday's low of 15993 will be sacrosanct. If the Nifty slips below the 15993 level then we can expect further selling pressure towards the previous swing low of 16676 otherwise intraday recovery is possible. On the upside, 16150-16200 will be an immediate resistance zone after a gap down opening while 16400 is a critical hurdle.

Bank nifty (Spot): Banknifty is outperforming and respecting the 34000 support level but if it slips below the 33900 level then we can expect further selling pressure towards the 33000 level. On the upside, 34500-34700 will be the immediate resistance zone after a gap down opening while 35250- 35500 is the next resistance area.

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