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The rise to 25,800 on the #Nifty and 54,000 on the #NiftyBank index happened last week in line with our expectation.
The US Federal Reserve, #usfed delivered a #50-bps rate cut last week. The central bank has kept the doors open for another 50-bps rate cut for the rest of the year. This can have a positive impact on the equity markets for some time.
On the charts, the #Nifty and #NiftyBank indices are looking bullish. But intermediate resistances are coming up which can pause the upmove for some time.
#Nifty has #resistance around 25,950. If this holds, we can see a corrective fall to 25,600-25,500. Thereafter the uptrend can resume. A break above 25,950 can take the #Nifty up to 26,200.
#NiftyBankindex has resistance at 54,600. A corrective fall from there to 53,000-52,800 is possible. After this corrective fall, the #NiftyBank index can rise to 55,500 and 55,700.
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