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Technical Outlook:

Nifty (Spot):

Nifty is trying to respect the 16800-16600 demand zone however it has multiple hurdles in the 17400-17800 zone; above this, we can expect a strong short-covering rally. SGX Nifty is suggesting a gap-up opening where 17400-17450 will be the first resistance area while 17200-17150 will be the first demand zone at any intraday dip. The market may remain volatile but the view will remain bullish till Nifty trades above the 16800-16600 zone.

Banknifty (Spot):

Banknifty has a better structure as it is trading above its all-important moving averages where 38800-39100 is an immediate resistance zone; above this, we can expect a short covering move towards the 40000 level. On the downside, 100-DMA around 37500 is an immediate support level while 37000-36800 is the next support zone.

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