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The New Year 2024 has begun on a slightly weaker note. The resistances on the Nifty and Bank Nifty indices are holding well. That keeps them vulnerable to see an intermediate dip before another leg of rise happens. The Dow Jones is also coming down in line with our expectation.
The #neartermoutlook is slightly vulnerable as the key resistances are holding well on the #Nifty and #Banknifty indices
#Nifty50 has strong resistance in the 21,850-21,900 region. Failure to break this resistance can keep the #nifty vulnerable for a fall to 21,000 before rising back again. #Nifty has to breach 21,900 to move up towards 22,400-22,500.
#NiftyBankindex has resistance at 48,800-48,850. A break above it can take the #bankniftyindex up to 50,300-50,400 in the near-term. Strong supports are at 46,900, 46,500 and 46,000.
#DowJones has resistance at 37,800. It can fall and test 37,100 this week. A break below it can drag the #dowjonesindex down to 36,500 and even 36,000. Thereafter a fresh rise towards 38,000 can be seen.
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