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Last week we said that #Nifty can rise to 24,800-24,850 and then can come down. In line with our expectation, #Nifty touched a #high of 24,855 and then fell sharply on Friday. The outcome of the #UnionBudget on Tuesday is going to be very important. That could be very important in deciding whether the #Nifty can sustain higher and go up again or can run into a sharp #correction. As such the price action in #Nifty this week is going to be very crucial as that would set the tone for the coming weeks.
#Nifty has #supports at 24,400 and 24,200-24,150. It has to sustain above these supports and bounce back to keep the #bullish view intact for seeing 25,000 and 25,150. In case the #Nifty breaks below 24,150, that will turn the short-term #outlook #bearish. It will then drag the #Nifty down to 23,700-23,500 and even lower.
#NiftyBank index is stuck between 52,000 and 53,000. A breakout on either side of these levels will decide whether the #niftybankindex can rise to 54,000 and 54,500 or fall to 51,000 and 50,500.
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