Nifty is trying to respect the 16400 support level however volatility is continued as the overall texture is still weak - Swastika Investmart
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Technical Outlook:
Nifty (Spot):
Nifty is trying to respect the 16400 support level however volatility is continued as the overall texture is still weak. SGX Nifty is suggesting a positive opening where 16900-17000 is an immediate resistance zone. 16800 will act as an immediate support level after a positive opening; below this, we can expect further weakness towards the 16600 level. Traders are advised to watch market’s behavior near the 16800 level then trade accordingly.
Banknifty (Spot):
Banknifty respected the 34000 mark but it is still underperforming where 35000 is an immediate and psychological hurdle while 35500-36000 is a critical resistance zone. On the downside, 34500 will be the immediate support level after a positive opening; below this, we can see some pressure.
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