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#Nifty and #NiftyBank index fell sharply last week as expected. Also, as expected, the #DowJones outperformed the Indian markets by surging over 2 per cent last week. The #DowJones continue to remain bullish and can rise more.
But the #Nifty and #NiftyBank index are poised near a very crucial supports. They have to sustain above their supports and get a strong follow-through rise from here to avoid more fall. As such the price action this week is going to be very very important for the Indian benchmark indices.
#Nifty50 has crucial support at 21,900. A break below it can take the #nifty down to 21,600-21,500 and even 21,000. To avoid this fall, #Nifty has to sustain above 21,900 and then rise past 22,500.
#NiftyBank index has an important support at 47,200. A break below it can take the #niftybankindex down to 46,200-46,000. Thereafter a bounce towards 47,000 and 47,500 can be seen. To avoid this fall, #NiftyBank index has to stay above 47,200 and rise above 48,300.
#DowJones has good support at 39,000. The outlook is bullish for the #dowjones to see 39,900-40,000. The price action thereafter will need a close watch.
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