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Technical Outlook:

Nifty (Spot):

Nifty took support at 50-DMA of 15570 after a vertical fall and SGX Nifty is suggesting a gap-up opening where 15775-15835 will be the critical resistance area and above 15835, we can expect a move towards 15920 level while 15700-15680 area will act as an immediate support area after a gap up opening. Only a move below; 15680 may lead to an intraday weakness otherwise "Buy on dip" trend will continue.

Banknifty (Spot):

Banknifty is also trading near 100-DMA of 34235 while 34850-35075 will be the first resistance area while 35300-35400 is a critical resistance area. 34500 will act as immediate support after a gap-up opening.

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