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Technical Outlook:

Nifty

The market is likely to start the day on backfoot on the back of weak global cues where SGX Nifty is suggesting a big gap down opening where 14850 will be the first support while the previous low of 14635 will be the next important support. On the upside, 15000 will act as a psychological hurdle after a gap down opening. Traders are advised to wait and watch for the first 45 minutes to understand the trend and then trade accordingly.

Banknifty (Spot): Banknifty is facing resistance at the 37000 mark after a pullback from 20-DMA where 35500-35000 area will act as immediate support area; below this, we can expect any major profit booking. 36500 will act as a hurdle after a gap down opening.

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