Nifty shows major support around 16600 and resistance 17200 and 17550.

Nifty shows major support around 16600 and resistance 17200 and 17550. Nifty looks weak as per weekly chart and expected to correct. But it is bullish in monthly and quarterly charts. If nifty unable to sustain above 17550/17600 after retracement against fall, then it may show further correction 16000 or lower level.

Nifty bank resistance 36600 and 37500 and support around 35000. If unable to sustain above 37500 after retracement of against fall, then it may show further correction around 34000.

As both nifty and bank nifty trading in oversold zone as per lower time frame chart, so some bounce may be at any time. Short seller needs to be cautious.

Stocks to be traded with stop loss are as follows,