* INDEX Update*
*Nifty 50*
Nifty faced resistance in the range of 16350-16400 and we witnessed some profit booking in the market. We maintain bearish view on Nifty with the target of 15650. On the upside the range of 16350-16400 will play as an important resistance for the immediate term, thus one should be cautious on higher levels.
*Banknifty*
Banknifty faced resistance in the range of 34600-34700 and we saw some profit booking in the market. We maintain bearish view on Banknifty with the target of 32200. On the upside the range of 34600-34700 will be a strong resistance for the immediate term and the range of 35000-35100 will be a strong resistance for the short term, thus one should be cautious on higher levels.
Disclaimer-educational purpose only.