The Indian markets continued to fall for the fifth consecutive week. #Nifty fell sharply failing to sustain the intraweek break above 19,500. But as we mentioned last week, the recent fall has been happening at a very slow pace. This strengthens the case that the ongoing fall is just a correction within the overall uptrend. Strong supports are coming up for the Nifty that can halt the fall. We expect the Nifty to resume its overall uptrend in the coming weeks.
#Nifty has strong support at 19,100 – 19,000. We expect this support to hold. #Nifty can rise to 19,300-19,500 in the short-term and 20,000-20,200 over the medium-term.
#BankNifty / #niftybank has to breach 45,000 to gain bullish momentum and rise to 46,000-46,500. The index will come under pressure if it breaks below the support at 43,600. In that case, a fall to 43,000 is possible.