Nifty witnessed a sharp fall after the RBI’s monetary policy meeting last week. Some more fall is likely to be seen initially in the coming week, may be ahead of the US Fed meeting outcome which is due on Wednesday.
But strong supports are there to limit the downside. We expect the Nifty to resume its overall uptrend after testing the upcoming supports.
The overall uptrend remains intact, and the broader outlook is bullish.
Nifty can test its support at 18,500-18,450 this week and then resume the uptrend towards 18,800-18,900 and then to 19,000 in the coming weeks.
Nifty Bank has a crucial support at 43,980. It must hold above this support to rise towards 45,000-45,500 straight away. Else a dip to 43,500 can happen first and then the rise to 45,000-45,500 can be seen.
Dow Jones is bullish. It can test 34,200-34,250 first. A break above 34,250 will then open the doors to target 35,500.
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