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Technical Outlook:

Nifty (Spot):

Nifty respected its 200-DMA after a pullback from 100-DMA then witnessed a smart rally in yesterday's trading session. There is a high possibility of a breakout of 100-DMA which is currently placed at 17350 level; above this, we can expect a rally towards 17490/17640 levels. On the downside, 17000 has become near term base while 16800 is a critical support level.

Bank nifty (Spot):

Banknifty respected its 35000 level after a pullback and witnessed a decent bounce back where 36000-36200 is an immediate resistance zone; above this, we can expect a rally towards next resistance zone of 36700-37000. On the downside, 35500 will act as an immediate support level.

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