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The key benchmark index Nifty crossed the level of 11000 in the previous trading session on expiry day but was unable to sustain the mark and breached the same on Friday’s trading session by giving a close down by 125 points to close the day on a negative note. If we look at the current chart structure Nifty is oscillating in a rising wedge pattern whose resistance is placed near the level of 11100 which is also in the proximity of 61.8% Fibonacci retracement level of the previous fall. If bulls manage to surpass the level of 11100 then only we may see the further escalation towards norther trajectory.
The current chart structure of Bank Nifty suggest that it is oscillating in an escalating channel where in it took an intermediate support of 27000 and is poised for an initial leg of up move towards 27550 which is in the proximity of 78.6% Fibonacci retracement mark and is now facing a strong resistance near that level and is proving be a crucial line of defense for the bulls. If bulls manage to surpass the mark of 27550 then only we may see the further escalation towards 27800 which will be the next line of defense for the bulls. Intermediate support is place near 26800 mark.
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