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Following global market cues Indian market opened on the positive note. Sector specific IT was the outperformed after the IT leader INFY reported the good quarterly numbers, whereas PSU were the laggards in the market. In recent scenario benchmark index Nifty is trading in the range of 11660 and 11450 on the lower side. Trader are advice to rather going for directional view on the indices one should look for stock specific action. Last week nifty took resistance in the proximity of 38.2% Fibonacci retracement near 11660 the would act as a strong resistance. And if bear are manage to take out the 11450 mark we may see the further escalation towards 11300.
On yesterday’s trading session PSU dragged the indices down and underperformed the key benchmark index. The benchmark index saw a major selling pressure irrespective of government’s initiative taken for banking sector. In last trading session we observed PSU banks managed to outperform while private banks were underperformers. On daily price chart bank nifty was consolidated in tight range of 30200 to 31700 oscillating in a symmetrical triangle pattern, breakout on either side will decide a trend for upcoming week.
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