Nifty remained lower but relatively stable last week. It is now poised at a very crucial long-term support zone. We expect the Nifty to sustain above this support and see a rise going forward.
Nifty has crucial supports at 22,600 and 22,350. We expect Nifty50 to reverse higher from either of these two support and go up to 23,500 and 24,000 in the coming weeks.
Nifty Bank index on the other hand can fall to 48,000 and 47,000 as long as it trades below 50,000. A strong rise above 50,000 is needed to turn the outlook bullish for a rise to 52,000 and 53,000 on the nifty bank index.
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