Last week we had expected the #nifty50 and #banknifty indices to come down. That view had gone wrong. The #Nifty and #NiftyBank index have risen back very well. However, the sharp fall from the intraday highs on Friday keeps the #Nifty and #Niftybank index vulnerable for a fall. Broadly, we can expect the indices to consolidate in a sideways range for some time.

#dowjones on the other hand is looking bullish and can outperform the Indian markets.

#Nifty can trade in a range of 21,180 and 22,150. A breakout on either side of this range will determine whether the #Nifty can rise to 22,500-22,750 or fall to 20,700.

#NiftyBank index has strong resistance at 47,100. The index has to breach this resistance to move up to 48,000 and 49,000. Failure to break above 47,000 can keep the #niftybank index pressure for a fall to 44,200 and 43,800

#DowJones is bullish. It has support around 38,500. A rise to 39,300-39,400 can be seen in the next few weeks. The price action thereafter will need a close watch. A break above 39,400 can take the #dowjones up to 40,400. But a reversal from around 39,400 can trigger a sharp corrective fall to 37,000 and even 36,000.