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The Indian benchmark indices have risen for the second consecutive week. However, the upmove seems to lack strength. The #Dowjones in the US has also risen very well and is looking much stronger than the #nifty and #niftybank indices.
The #dowjones is bullish to see a rise to 35,000-35,500 over the next few weeks. Support for the #dowjones is at 33,850-33,800.
#nifty has a crucial resistance at 19,500 and 19,550. Failure to breach 19,550 can take the #nifty down to 19,300 and even 19,000 in the short-term. A strong break above 19,550 is needed to turn the outlook bullish and take the #nifty up to 19,800-19,850 and even 20,000 levels going forward.
#niftybank index has a crucial resistance at 44,000. Whether the index breaks above this resistance or not will be key in deciding the next move. A break above 44,000 can ease the downside pressure and take the index up to 45,000 and even 46,000. Failure to rise past 44,000 can drag the #niftybank index down to 42,000 again. It is a wait and watch situation.
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Nifty and Bank Nifty Forecast: Weekly Analysis (13 Nov’23 to 17 Nov’23) by BL GURU – Dow Jones Surges, Crucial Levels Revealed – BusinessLine
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