#Nifty has risen well breaking above the key resistance level of 19,500. So, our view of seeing a fall back to 19,000 has gone wrong. In the last one month, our view on the #Nifty has gone wrong twice. So, what we are going to do now is that we will be stepping back and will just watch the price action for the next couple of weeks. We will be watching the key levels on the charts and will not be taking any specific stance in terms of the direction of move until we get a clarity.
#Nifty has to breach 19,850 to move further up to 20,000. Else it can fall back to 19,500. Support for the #Nifty is at 19,500-19,450. Broadly, 19,450 to 20,050 is the range that we will be looking going forward.
#NiftyBank index can fall to 43,000 and 42,650 if it fails to bounce back above 44,000
#DowJones has strong resistance at 35,500 and 35,750. These resistances can be tested this week. The price action thereafter will need a close watch to see if the Dow Jones is extending the rise up to 36,300-36,500 or falling back to 34,500 and lower.