Nifty has moved well above 20,000 points and tested 20,200 points, in line with our expectations.
The #NiftyBank index also rose above 46,000 points, more in line with our expectations. The #NiftyBank index looks very bullish and has more scope to rise.
However, #Nifty is approaching the key resistance level of 20,300-20,400 points. Looking at the strength on the weekly chart, with the support at 19,850, we believe there is a good chance of #Nifty breaching 20,400 and moving towards 20,700-20,800 or even 21,000.
If #Nifty fails to clear 20,400 and breaks below 19,850, we may witness a period of sideways consolidation between 19,000 and 20,400.
#NiftyBank index looks bullish. Support is at 45,750 points. It can be seen that in the medium term, it first rises to 47,000-47,400, and then rises to 48,500-48,650
#DowJones looks unclear. 34,200 to 35,100 points may be the trading range. A breakout on either side of this range would provide clear direction for the next move. Preference is bullish for a break above 35,100 and towards 35,500 and 36,000
