Nifty50 and Nifty Bank indices have run into a consolidation phase. As we said last week, there is still room for one more leg of fall from here before the overall uptrend resumes. So, we see the last week’s consolidation as a pause within the current fall.

The US Presidential Election 2024 will be a very important event this week. The outcome of the president election 2024 can cause volatility in the market.

For now, Nifty is range bound between 24,000 and 24,500. A slightly broad range of trade could be 24,000 to 24,700. A breakout on either side of this range will decide whether the #Nifty can go up to 25,000 and higher or fall to 23,500 and 23,000.

Nifty Bank Index has strong support in the 49,500-49,300 region. As long as the index stays above this support, the outlook is bullish for the Nifty Bank index to see a rise to 55,000 and higher in the coming weeks.

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