Nifty has managed to bounce last week. But broadly the short-term picture continues to remain unclear for the nifty 50. The Indian markets can continue to oscillate in a wide range for some more time. We will have to wait for the range breakout to get clarity on the next direction of move.

Nifty can rise to 24,600 and 24,850 if it manages to breach 24,400. Failure to break 24,400 can keep the nifty 50 under pressure for a fall to 23,000-22,800.

Nifty Bank index on the other hand can fall to 49,800 first and then rise back towards 52,000 and 54,000 eventually in the coming weeks.

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