Nifty and Nifty Bank index fell sharply on Friday. However, this fall has not changed anything on the charts. The overall picture is still bullish. Strong supports are there for the Nifty and Nifty Bank which can limit the downside. Any further fall from here to test the supports will just be a good buying opportunity from a long-term perspective.

Nifty has strong support between 18,000 and 17,800. We expect this support to hold and the Nifty to rise towards 18,500 in the short-term. The medium-term outlook is bullish for the Nifty to target 19,000.

Nifty Bank index has support in the 42,000-41,500 region. It can rise to 43,500 initially and then to 45,000-45,500 eventually over the medium-term.

Dow Jones is slightly unclear. We can look for it to oscillate in a very broad range of 32,500 to 34,500.