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Technical Outlook:

Nifty (Spot):Nifty respected 16500-16400 demand zone and SGX Nifty is suggesting a big gap up opening above 16700 level. If Nifty manages to sustain above the 16700 level then we can expect a short-covering rally towards the 16850-16900 zone. On the downside, the 16700-16650 zone will act as an immediate demand zone after a gap up opening while 16500 is a critical support level.

Bank nifty :Banknifty is respecting the 35500-35250 zone and today it is likely to open above the psychological level of 36000. If it manages to sustain above the 36000 level then we can expect a short-covering rally 36300-36500 zone while 36750-37000 is the next resistance area. On the downside, 35800 will act as immediate support after gap-up opening

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