Nifty and Nifty Bank index bounced back last week. But that bounce seems to lack strength. Strong Foreign Money outflows (FPI) are weighing on the Indian markets. That can continue to keep the Nifty under pressure for some more time. We see chances for some more fall from here before the indices begin a fresh leg of upmove.
Nifty has room for a fall to 24,750 or 24,450-24,250. It can rise back from any of these three levels.
Nifty Bank index can test 50,300 or even 49,750 and 49,300 and then rise back again.
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