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Structural weakness is still intact on the benchmark index Nifty. Nifty closed with 57 negative basis points. Private Banks gave neutral closing while rest of sectors closed negatively impacting the key bench mark index negatively. The intermediate trend is down, we can undoubtedly observe that the momentum is clearly towards the Southern trajectory and the Downtick has stop in the proximity of intermediate trend line support of escalating channel on the daily timeframe chart. If bears managed to take down 11415 mark we may see further escalation to south.
Bank nifty have seen profit booking decline, which dragged the key index down by negative 47 basis points. Private Banks showed neutral closing while PSU banks were major under performers of the day. On technical front vertical wave have really surprised the market and the benchmark index was seen marching towards 200 days moving average which is placed near 28000. Hopes for the bulls is placed near 30100. If bears manage to take out 30100 mark then we may see the further escalation. First line of defense for bulls is placed near 31800.
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