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Technical Outlook:

Nifty (Spot):

Nifty respected the 16350 support level and SGX Nifty is suggesting a big gap up opening where 16570-16600 is an immediate supply zone; above this, we can expect a move towards the previous high of 16700. On the downside, the 16500 level will act as an immediate intraday support after a gap-up opening while 16350 will be critical support. Generally, we see some profit booking at a gap up opening following a sharp sell-off but we have to watch the texture of the market therefore traders are advised to wait and watch for the first 45 minutes and then trade accordingly.

Banknifty (Spot):

Banknifty is respecting psychological support of 35000 while 35500 will be an immediate and critical hurdle; above this, we can expect a move towards the 35800-36000 zone. On the downside, 35300-35200 will act as an immediate intraday support after a gap-up opening while 34900 will be the next important support.

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