Nifty has risen back very well last week. That has given some relief. But still resistances are there to cap the upside and keep the Nifty 50 under pressure. Nifty has to break above the upcoming resistances in order to indicate a trend reversal. Failure to break the resistances can continue to keep the #nifty50 under pressure. We will have to wait and watch.
Nifty has a crucial resistance around 22,650. A strong break above it is needed to ease the downside pressure and rise to 23,200 in the short-term. Else Nifty can fall back to 22,000 and even 21,700 going forward.
Nifty Bank index has good support around 47,700. As long as the index stays above this support, there are good chances to see a rise to 50,000.
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