Trading Plan: Can cooling oil prices drive a rebound in Nifty 50 and Bank Nifty after last week’s sharp downtrend?
The Nifty 50 is likely to witness a bounce-back. However, the sustainability of the recovery will be the key factor to watch thereafter. On the upside, the index may face resistance in the 23,900-24,000 zone, and a sustained move above this range could trigger a further rally. On the downside, the crucial support is placed at 23,600, which is Friday’s low.