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Technical Outlook:

Nifty (Spot):

SGX Nifty is suggesting a gap-down opening after two days of pullback where 17185- 17130 is an immediate demand zone as a cluster of 200 and 50-DMA. If Nifty manages to hold the 17185-17130 zone then we can expect a recovery otherwise selling pressure may get momentum towards the 17000/16800 level. On the upside, 17340 will be immediate and intraday resistance after a gap-down opening.

Bank nifty (Spot):

Banknifty has a critical resistance zone of 36800-37000 where 36000 is immediate psychological support after a gap down opening therefore 36000-37000 is a welldefined trading range and any decisive move from this band will dictate further direction.

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