#nifty and #banknifty were volatile last week. #Nifty and #BankNifty indices oscillated up and down within a narrow range. The price action last week leaves the immediate outlook unclear. #Nifty and #BankNifty index has still room on the downside to fall from here. However, from a big picture, the overall structure on the charts have not changed much and then continue to remain bullish. So, any further fall from here will be a good buying opportunity from a long-term perspective.
#Nifty has supports at 19,500 and 19,400. Resistance is in the 19,800-19,850 region. We expect the #Nifty to sustain above 19,400 and break 19,850 in the coming weeks. Such a break can take it up to 20,100-20,200 again.
#NiftyBank index has strong support at 43,750 which can limit the downside from here. Resistance is at 45,000 which is likely to get broken and clear the way for the #NiftyBank index to see 46,000-46,200 on the upside.
#DowJones is looking weak. It has resistance in the 34,000-34,200 region. The index looks vulnerable for a fall to 32,800-32,600 going forward. Thereafter a reversal is possible.