#Nifty surged to new highs last week and then saw some profit taking on Friday. The fall on Friday has not changed the big picture. The overall outlook is still bullish. Supports are there for the Nifty to limit the downside and trigger a fresh rise again. We expect Nifty to see one more leg of rally before it gets into a deep correction.
The overall outlook is still positive. There is room for the Indian benchmark indices to make more new highs.
$Nifty can rise to 19,600-19,800 in the near-term. This rise can happen either from 19,200 or from the 19,100-19,000 support zone.
#NiftyBank index has immediate support in the 44,700-44,500. A strong break above 45,500 can take it up to 47,500-48,000 in the coming weeks.
#Dow Jones is current consolidating sideways. Strong support is in the 33,500-33,400 zone. The outlook is bullish for the Dow Jones to break above 34,500 and rise to 35,000-35,500 in the coming weeks.