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#Nifty remained stable and range bound last week. #NiftyBank index on the other hand has risen very well and has closed on a strong note. #NiftyBank index is looking very bullish and much stronger than the #Nifty. We can expect the strength in the #NiftyBankindex to take the #Nifty also higher.
#NiftyBank index has support at 48,000 now. #niftybankindex can rise to test the resistances at 49,150 and 49,600. A break above 49,600 will be very bullish to take the #niftybank index upto 51,500 and 52,000 over the medium-term. The short-term outlook will turn bearish only if the index declines below 47,400.
#Nifty has supports in the 22,350-22,150 region. Resistance is around 22,800. A strong break above 22,800 can take the #Nifty up to 23,000 and 23,200 in the short-term.
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