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The Indian benchmark indices, #nifty50 and #Niftybankindex, have seen a strong rise last week. That keeps intact the overall uptrend. Both the #Nifty and #NiftyBank index is looking bullish, and they can rise more from here.
The #USFedmeeting outcome is due on Wednesday this week. A 25-Basis point (#25bps cut) #ratecut is already factored in the market. The central bank’s economic projections and the future rate hike path (#feddotplot) will need a close watch. That will set the tone for the equity markets going forward.
Overall, the outlook is #bullish.
#Nifty has an immediate resistance at 25,470. The index can break this resistance and rise to 25,800-25,850.
#NiftyBankindex has support at 51,700. The index can rise to 52,500-52,600.
#NiftyBank index has formed an inverted head and shoulder pattern on the charts. That leaves the door open for the Nifty Bank index to target 54,000 on the upside over the medium-term
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