Nifty opened with a wide gap-up last week but did not get a strong follow-through rise thereafter. That have left the near-term picture unclear. We can see a gap-down open on Monday following the weak GDP data release. However, we will have to see if the Nifty is sustaining lower or bouncing back again.

We will have to wait and watch the price action this week to get clarity on the next direction of move.

Nifty can trade in a broad range of 23,650 to 24,700. A breakout on either side of the range will decide whether Nifty50 can rise to 25,000 and 25,500 or fall to 23,300-23,000.

Nifty Bank index retains its 49,800-52,600 range. A sustained break above 52,600 is needed to become bullish for the nifty bank index to see a rise to 54,000 and higher. Else the index can fall back again towards 50,000.

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