Nifty fell in the second half last week giving back most of its gains. However, the fall was not very strong. Also, supports are there to limit the downside from current levels. The strong rise in the US markets on Friday can aid the Indian benchmark indices to see strong rise on Monday. That will keep the overall uptrend intact.
The overall picture is positive. The strong rise in the Dow Jones on Friday leaves the chances high for the Indian markets to open with a wide gap-up on Monday.
Nifty has supports at 18,450 and 18,350. Resistance is at 18,600. Nifty can break this resistance and rise to 18,800 and 19,000 in the short-term.
Nifty Bank index has support at 43,750 and 43,500. The outlook is bullish to see a rise to 45,000 and 45,500 in the coming weeks.
Dow Jones can rise to 34,300-34,500 initially and then 35,500 eventually going forward.