Nifty and Nifty Bank index have risen well last week as expected. Nifty has made a bullish breakout and has brought the prolonged sideways consolidation to an end. The outlook is bullish. Nifty and Nifty Bank index can rise more.

But long-term resistances are coming up for the Nifty. So as the index moves up from here, we would like to be more careful rather than becoming overly bullish.

#Nifty has support at 22,800 now. It can rise to 23,250 this week. Failure to breach 23,250 can take the #Nifty50 down to 22,800 again. But a break above 23,250 can take the #nifty further up to 23,750.

The 23,250 and 23,750 are very crucial resistances from where we expect the #nifty50 to turn down again.

#NiftyBank index has resistance at 49,300. A break above it can take the #niftybankindex up to 50,300-50,500 this week. If the index manages to breach 50,500 the upside can extend up to 51,300.

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