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Our view of #Nifty breaking above 19,850 and rising to 20,400 and higher has gone wrong. #Nifty has seen a sharp fall below 19,400 last week. That has turned the charts weak and the outlook bearish. So, the rise to 20,000 and higher is not happening now and there could be more fall in the coming days.
On the other hand, we got the fall to 42,000 on the #NiftyBank index right. Although 42,000 is a strong support for the #NiftyBank, it is now important for it to get a strong follow-through rise above 44,000 from here. Else, the #NiftyBank index can also remain under pressure to see more fall.
Overall, the outlook is weak. #Nifty #nifty50 has strong resistances at 19,150-19,200 and then at 19,400-19,500. As long as these resistances hold, the chances are high for the #Nifty #nifty50 to fall to 18,700-18,600 first and then to 18,300-18,200 eventually in the coming weeks.
#NiftyBank index has a crucial resistance at 44,000. It has to see a sustained rise above this resistance. Else it will remain under pressure to break 42,000 and fall to 40,500-40,000.
#DowJones has resistance at 32,800-33,000. It can fall to 32,000-31,800 this week.
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