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Technical Outlook:

Nifty (Spot):

The Nifty is likely to start the new week on a strong note with a gap up the opening where 16850-16900 will be the immediate resistance zone. The overall trend is bullish but it is difficult to chase after a gap up opening where traders are advised to wait and watch for the first 45 minutes and then trade accordingly. On the downside, 16700-16675 will be the immediate support area after a gap-up opening where only a move below 16675 can lead to any intraday weakness.

Banknifty (Spot):

Banknifty is still in the sideways trend where the 36200-36500 zone is a critical supply zone while a breakout above the 36500 level can lead to a massive short-covering rally. On the downside 35500 is an immediate support level while 35000 is a critical support level.

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