Nifty is managing to hold higher and is moving up gradually. The near-term outlook is still positive. There is room for the Nifty50 to move further up from here to test its key resistances. The price action around the resistances will need a close watch for a corrective fall.

The Dow Jones has been coming down after the US Federal Reserve meeting outcome last week. The #Fed left the interest rates unchanged. But in its economic projection, the central bank has kept the room for only one rate cut this year. Earlier the #Fed had projected for three rate cuts for this year.

#Nifty has support at 23,300. It can rise to 23,800 and 24,000. The price action thereafter will need a close watch for a reversal.

Nifty Bank index has support at 49,400 and resistance at 50,600. A breakout on either side of these two levels will determine whether the Nifty Bank index can rise to 51,500 and 52,000 or can fall to 48,500.

Dow Jones can fall to test 38,000-37,900. A bounce thereafter can take it back up to 39,000. But a fall below 37,900 can drag it down to 37,500.


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