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#Nifty and #NiftyBank index broke their supports last week but did not get a strong follow-through selling. Both the indices have risen back well from their lows. The short-term picture continues to remain unclear. So, we prefer to remain cautious and stay out of the market. We will watch the price action to get clarity on the next move rather than taking stance of any specific direction.
#Nifty has supports at 21,900 and 21,650. Resistances are at 22,170 and 22,300. So, 21,650 to 22,300 can be the trading range for the #nifty50 in the short-term. A break above 22,300 can take the #nifty up to 22,500 and 22,800. A break below 21,650 can drag the #nifty50 down to 21,400 and 21,300.
#NiftyBank index has supports at 46,000 and 45,800. Resistances are at 47,400 and 48,000. So, 45,800 to 48,000 can be the trading range for the #niftybankindex. A break above 48,000 can take the #NiftyBank index up to 48,500 and 48,650. On the other hand, a break below 45,800 can drag it down to 45,000.
#DowJones can dip to test its support at 39,200. But thereafter it can see a fresh rise towards 40,100. The #DowJones has to fall below 38,800 to become bearish to see 38,500 and 38,000 on the downside.
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