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After giving a positive opening Nifty was range bond for the day but eventually gave up on gains during the closure. When we look at the chart formation of Nifty we can clearly observe that after the rally which was given by the key benchmark index from the level of 10585 towards the new high of 11856 the correction was due. The correction came into a Head and shoulder pattern and the bears showed their strength and Nifty corrected till the level of 11255. The next support for the index is now placed near the level of 11200 which is in the proximity of 50% Fibonacci retracement mark of the previous bull move.
Unlike Nifty Bank Nifty gave a positive close considering the selloff seen in the last hour of the trading session. Technically as depicted in the chart Bank Nifty also saw some similarity and the correction which came from the new high and took Bank Nifty towards the level of 28784 on the last expiry day which is in the proximity of 50% Fibonacci retracement mark of the previous bull move. Some pullback was seen on today’s trading session and if Nifty manages to continue the pull back then only we may see the further escalation towards 29250 which is the next resistance zone.
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