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The fall to 23,500 on the Nifty50 happened last week in line with our expectation. Nifty has a support near current levels. So, there are chances to see a bounce in the near-term. However, the upside will be capped. We expect the #Nifty to retain its downtrend and fall more in the coming weeks.
Nifty can fall to 23,000. An intermediate bounce to 23,800 or 24,100 is a possibility before this fall happens. However, after this fall we can expect the Nifty to see a strong rise from around 23,000 targeting 25,000 on the upside.
Nifty Bank index can fall to 49,000 or 48,500 on a break below 50,000. Thereafter the NiftyBank index can begin a fresh leg of upmove and target 53,000 and 55,000 on the upside in the coming months.
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