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Nifty has risen towards 24,850 last week in line with our expectation. The US markets have surged on Friday after the Fed Chairman Jerome Powell told in the Jackson Hole meeting that the time has come for policy adjustment. So, the chances are high that the Nifty can open with a gap-up on Monday. Overall, the bullish outlook is intact, and the #Nifty can rise more going forward.
Nifty has supports at 24,700 and 24,500. It can rise to 25,350 and 25,500. The near-term outlook will turn negative only if the nifty50 index declines below 24,500. If that happens, it can fall towards 24,000.
NiftyBank index can rise to test 51,400 this week. However, it has to breach 51,400 to gain bullish momentum and rise to 52,500. Failure to breach 51,400 and a reversal from there can take the nifty bank index down to 50,700 and even 50,000.
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