1 week Ago
Nifty 50 and the Nifty Bank Index were stable and range bound last week. The chances are still alive to see one more leg of fall before a reversal happens. We repeat that a strong long-term support is coming up for the Nifty which can halt the fall and trigger a reversal.
So, as the Nifty falls from here it is going to give us a very good buying opportunity. Can the Union Budget 2024 give the needed trigger for a trend reversal? We will have to wait and see. Nifty can fall to 22,800 and 22,500.
The level of 22,500 is a strong long-term support. So, the fall to 22,500 is going to be a very good buying opportunity. We expect the Nifty to reverse higher from around 22,500 and rise towards 25,000 and higher in the coming months.
Nifty Bank index can fall to 47,000 and 46,600 on a break below 48,000. After this fall, the nifty bank index can rise back to 49,000 and 50,000 again. BL Portfolio: https://www.
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