Yesterday the key benchmark index rise by 56 positive basis points to close by forming bull candle. The overall market breadth was positive as majority index closed in green except IT sector which underperformed key index by 0.72%. Technically, as depicted in above chart mainly on hourly time frame nifty index is observed moving in downward trend on lower as well as higher time frame. The important resistance for bulls is placed near 11030 level if bulls manage to hold above this level we may see upward rally towards 11150 level.
Bank nifty formed a positive candle with higher high-higher low for four successive day. If we look at sector analysis PSU Banks performed very well compared to private banks both closing in green. Technically on lower time frame mainly on hourly price chart bank index is seen moving in downward trend. In last trading session positive candle was formed we are expecting pull back where if bulls manage to hold above 27570 level which is intermediate trend line resistance we may see further movement up to 28600 level in proximity of 200 day moving average.
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