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Weakness can be clearly observed on the key benchmark index Nifty as there is no major trend seen and the consolidation can be detected from past few trading sessions. Bulls seems to be exhausted and nifty is range bound since past few trading sessions. Sector specific Pharma and Auto sectors outperformed the key benchmark index whereas Financial Service and PVT Bank sectors were laggards in the market. The recent chart structure of clearly indicates that the Nifty is ranging in a Triangle pattern and where in the bulls are facing the current resistance near the level of 10850 and are not able to manage to surpass the trend line.
The negative rally which was observed on the key benchmark index Nifty was also reflected on Bank Nifty where it was down by 192 points. If we look at the lower time frame chart mainly on daily Bank Nifty is oscillating in an escalating channel where in it has taken a support near the level of 27500 which is in the proximity of 78.6% Fibonacci retracement level of the previous fall from the level of 28400 till the level of 24250. If the bears are able to surpass the level of 27500 then we may see the further escalation towards 27400 mark where the intermediate trend line support is placed.
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