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Mirroring the Asian market Indian indices opened on gap up note and continued to perform better throughout the day. All the sectors closed in green indicating positive movement indicating but to be specific media sector were outperformed the key benchmark index. On daily price chart nifty was seen moving in tight range of 11600 in north and 11450 in south from past three trading sessions. If bulls managed to take out the first line of defense placed near 11600 then we may see the further escalation towards 11660 where the 38.2% Fibonacci retracement has been placed.
The benchmark index Bank nifty managed to close in positive territory by 194 points. PSU and private banks closed in green though PSU banks managed to outperform private banks. On technical front bank nifty is seen moving in downward sloping channel where major line of defense is placed near 38.2 percent Fibonacci retracement level if bulls manage to break through this resistance further upward escalation can be witnessed, fail to do so, we may experience the rally towards southern trajectory.
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