Last week we said that the #Nifty can bounce back from around 19,500 and rise to 20,000. That view has gone wrong. #Nifty has declined below 19,500. #Nifty will now need a strong rise past 19,700 to ease the downside pressure. Else it can remain vulnerable to fall more. However, the broader picture is still bullish, and the recent fall is a correction within the overall uptrend.
#Nifty has support at 19,300 and resistance at 19,700. A breakout on either side of these two levels will determine whether the Nifty will go up to 20,000 or fall to 19,000.
#NiftyBank index has to break its resistance at 45,550 to move up to 46,000 and 46,500. Else the index can fall back.
#Dow Jones can bounce back either from current levels itself or after an extended fall to 34,750 and 34,500.
Here we look at the charts and see how far can the Nifty fall from here.