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Structural strength is still intact on the benchmark index. Vertical wave have really surprised the market and benchmark index marched into the uncharted territory. First line of defense where the intermediate trend line is placed near 11500. Although the primary trend is up, we can undoubtedly observe that the momentum is clearly towards the northern trajectory and the uptick continues to remain positive in the market whereas on the daily timeframe chart the indices is oscillating in escalating channel where the overhead resistance is placed near 12100 mark. If the same is broken then the further escalation will be till 12500.
As we are witnessing a sideways consolidation on the key benchmark index Similar kind of moves are witnessed on Bank Nifty as well. As per the current chart structure on a lower timeframe chart mainly on daily Bank Nifty has taken a resistance near the level of 31700 which is in the proximity of 78.6% Fibonacci extension level of previous bull move. In the recent scenario bank nifty is oscillating in a tight range of 30600 on the south and 31700 on the north. If bulls manage to take out the 31700 mark and take the indices towards 32000 level.
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