Equity markets continue to remain under pressure. The surging #UStreasuryyields, #israelhamaswar tension are keeping the stock markets under pressure.
#Nifty fell last week. However, there is no major threat for the broader trend as seen from the charts. Strong supports are there for the #Nifty. 19,400. For now, 19,400 to 19,850 can be the trading range. But, as long as the #Nifty sustains above 19,400, the bias is bullish. So, the chances are high for it to break 19,850 and rise to 20,000 first and then to 20,300 eventually in the coming weeks. Only a break below 19,400 can add more pressure on the index and drag it to 19,100-19,000.
Similarly, the #DowJones is also having strong supports below current levels. A bounce from there can be a positive sign for a fresh rally. #DowJones has crucial supports at 33,850 and 33,700. A bounce from either of these supports and a subsequent rise past 34,300 will turn the outlook bullish to see 35,500 and higher levels.
But #NiftyBank index is looking much weaker than the #Nifty and can fall more to 42,800 and even 42,000. However, such fall in the #NiftyBank index will be a very good buying opportunity from a long-term perspective. To avoid this fall, the index has to rise back immediately from current levels.