Nifty and Nifty Bank index have risen back well last week. It also gives an early sign that the broader uptrend is resuming.
Nifty is making a Cup and Handle pattern on the chart. That strengthens our bullish case. Supports are there to limit the downside. We expect the Nifty 50 and the Nifty Bank index to rise further from here.
Nifty has supports at 25,750 and 25,500. It can rise to 26,300 either from here itself or after a short-lived dip to 25,500. An eventual break above 26,300 can then take nifty higher towards 26,800 in the short term.
Nifty Bank index has good support at 57,500-57,400. It can rise to 59,300-59,500 in a week or two. A break above 59,500 can then take the Nifty Bank index higher towards 60,300 initially and then to 61,500-62,000 eventually over the medium term.
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