As expected, #Nifty fell last week. There is a danger of a head and shoulder pattern formation on the daily chart. The weekly chart paints a different picture. It shows that the pace of the fall is slowing down. That increases the chances for the Nifty to start a fresh leg of upmove going forward. We see limited downside for the Nifty from here.

#Nifty has support at 24,550 and 24,400. #Nifty50 can rise to 25,200-25,300 first and then towards 26,000 again in the coming weeks.

#NiftyBank index has resistance at 52,400. It can break this resistance and rise to 53,000 and 54,000 again.

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