Last week we said that the Nifty can bounce back from the long-term support at 22,350. That view has gone wrong. Nifty has declined sharply breaking below this support. Since our view has gone wrong, we would like to step-back and see if this break is sustaining or not.

Nifty has a crucial support at 21,700. A bounce from there can take it up to 22,600-22,650. But a break below 21,700 can drag the Nifty 50 down to 21,100.

Nifty Bank index has support at 47,800-47,600. A bounce from there can take it up to 49,500-50,000. On the other hand, a break below 47,600 can take the Nifty Bank index down to 47,000 and 46,600.

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