#Nifty and #NiftyBank index fell well beyond our expected levels last week. On Friday the indices have bounced back sharply from their lows recovering some of the loss. It is not important to see if the #nifty50 and the #banknifty indices are getting a strong follow-through rise from here or not. We suggest everyone to remain careful. We prefer to stay out of the market this week and just watch the price action for clarity. 

#Nifty has #supports at 21,700 and 21,500. #Resistance is at 22,500. #Nifty has to breach 22,500 to become bullish for a rise to 23,000. On the other hand, a break below 21,500 will be bearish to drag the #nifty50 down to 21,000 and even 20,800-20,500. 

#NiftyBank index has support at 46,700. Resistance is around 48,000. A strong break above 48,000 is needed for a rise to 49,000-49,500. But if the #niftybank index breaks below the support at 46,700, then it can fall to 45,800-45,700.

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