Nifty is struggling to rise and was stuck in a range all through last week. But #NiftyBank on the other hand surged to a new high and outperformed the Nifty.
However, #NiftyBankindex is coming close to a very important resistance that can halt the rally. Considering the struggling in the #Nifty to rise, and the #NiftyBank index coming close to an important resistance, we are not bullish on the market now. There could be some rise from here in the near-term, but we would be looking for a correction probably in the next quarter.
#Nifty has support at 23,300. It must sustain above this support to go up to 23,800 and 24,100. A break below 23,300 can take the #nifty50 down to 23,000 and 22,850.
#NiftyBank has a crucial resistance at 52,700 which can cap the upside. We can expect a corrective fall to 50,000 after testing this resistance.
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