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Last week we said that Nifty can bounce back from its support around 24,400. But that view has gone wrong. The fall last week confirms a head and shoulder pattern on the chart. That leaves the danger of seeing more fall in the short term. A short-lived recovery is also possible before another leg of fall happens.
However, from a big picture, there are good chances that we could be in the last leg of this correction. So, we expect the broader uptrend to resume after one more leg of fall from here.
Nifty can fall to 23,500-23,000 on a break below 23,900. After this fall, the overall uptrend can resume.
The NiftyBank index can fall to 49,700-49,400 and then rise back to 51,000-52,000 again.
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