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#Nifty50 and #NiftyBankindex fell last week as expected and then bounced back recovering some of the loss. There is room to rise further from here. However, strong resistances are coming up for the #Nifty and #NiftyBank index which can halt this bounce. On the charts, the picture is weak. So, we will be expecting the #Nifty and #NiftyBank indices to fall back again after some more rise from.
#Nifty has #resistances at 24,530 and then at 24,700-24,800. We expect the #Nifty to turn down from any of these #resistances and fall back to #24,000-23,900 again. A break below 23,900 will intensify the sell-off and drag the #Nifty50 down to 23,200-23,000.
#NiftyBankindex has an immediate #resistance at #51,000. Higher resistances are at 51,400 and 51,800. A rise to test these resistances this week is a possibility. But after that, the #NiftyBank index can turn down and fall back again to 49,500 and even 49,000.
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