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Technical Outlook:

Nifty (Spot):

Nifty is witnessing selling pressure after surrendering the key support level of 16800 where 16450 is an immediate and another important support level; below this, 16250/16200 will be the next support level. Though the market is oversold overall structure is weak where 17700/17850 will be resistance levels at any pullback

Bank nifty (Spot):

Banknifty is also likely to surrender key support of 35000 which may lead to selling pressure towards 34500/34000 levels. On the upside, 35250/35500 will be immediate resistance levels.

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