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Technical Outlook:

Nifty (Spot):The price action behavior of the Nifty is not encouraging as it is struggling to sustain at higher levels but it is trading near important support level of 20-DMA which is currently placed at 16260 level and derivate data looks oversold therefore there is a probability of a short-covering bounceback from 20-DMA where 16500 is an immediate hurdle while if it slips below 16250 level then it may head towards 16000-15900 zone.

Bank nifty :Banknifty is also showing weakness but 34800-34650 is a critical support zone where we can expect a short-covering rally while if it slips below 34650 level then it may head towards 34000/33500 levels. On the upside, 35500-35700 is an immediate resistance zone.

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