#Nifty has risen well on Friday and has closed on a positive note above 24,500. That has reduced the danger of the fall below 24,000 that we had cautioned last week. #NiftyBank index is also getting strong support around 49,650. Both the #Nifty and #NiftyBank indices are likely to rise further in the short-term. The #outlook for the coming week is positive.
#Nifty can rise to 24,850-24,900 this week. A break above 24,900 will see the #Nifty surging to 25,450 and 25,550 in the coming weeks. #Nifty has to fall below 24,000 in order to become #bearish which looks less likely now.
#NiftyBankindex can rise to 51,000 and 51,450-51,650. The price action thereafter will need a close watch. A break above 51,650 can take the index up to 53,000 and higher. On the other hand, a reversal from around 51,650 can drag the #niftybankindex down to 51,000 and lower again.
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