After being in a sideways range for most part of the week, Nifty moved up well on Friday and has closed on a strong note. The outlook remains bullish. Any dip will be short-lived as strong supports are available to limit the downside. As such, we expect Nifty has room to rise further in the coming weeks.
Bank Nifty has dipped last week. However, the pace of fall is slow, and supports are coming up. So, we can expect the Bank Nifty index to reverse higher in the coming days.
Overall, the outlook continues to remain bullish. Nifty has resistance at 19,650. A break above it can take the Nifty up to 19,800. Supports are at 19,420 and 19,360
Nifty Bank index has good supports at 44,400 and 44,280. We can expect the index reverse higher from either of these supports and rise to 46,000.
Dow Jones in stuck in between 33,600 and 34,600. The bias is bullish. We expect the Dow Jones to break 34,600 and rise to 35,500 in the coming weeks.