Nifty and Niftybank indices are struggling to rise back and are under pressure. The price action last week clearly indicates that the Nifty and BankNifty can fall more from here. However, we repeat that the structure of the chart has not changed yet. The fall that is happening now is correction within the broad uptrend. We still expect the Nifty and NiftyBank index to see a fresh leg of rally in the next few weeks after some more fall from here.
#Nifty has support at 19,300. But it can break this support and fall to 19,100-19,000. In a worst-case scenario, the fall can extend up to 18,800. We expect the #nifty to find a bottom anywhere in the 19,100-18,800 region.
#BankNifty has resistance at 44,450-44,600. It can fall to 43,500 first and then to 42,700.
#DowJones is stuck between 35,000 and 35,600. A breakout on either side of this range will determine the next move.