Following global cues Indian equity opened gap down. Bear were heavy on the bulls for first hour of trade, but bulls maintain the decorum by posting recover in second half. Accumulation has been seen across the counter. Sector specific PSU BANKS and MEDIA was outperformer in the market whereas METALS and REALTY were underperforming the key benchmark index. Technically key benchmark index nifty has posted the intermediate trend line breakout on daily time frame and simultaneously supportive oscillator RSI also got trend line breakout which eventually push RSI on higher adding strength to the underline. We may see the nifty could test the previous resistance of 10600 in recent term.
Mirroring key benchmark index Bank nifty open gap down and selling pressure of previous day has been continue in the first half but bulls are back in action and manage to take the indices in to positive territory. PVT Banks contribution was the key for the indices for comeback. Technically mirroring key benchmark index Bank nifty also posted intermediate trend line breakout on Price as well as on RSI. Pullback is basically back by the global recovery as NASDAQ hit new high. Any decisive move above 25000 mark May bulls take towards 25500 level.
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