Following the global cues Indian Indices opened on negative note. Sharp rise in crude oil prices impacted the global sentiments adversely affected the Indian economy. Sector specific PSU banks and REALY were the laggards in the market where as FMCG and PHARMA were outperforming the key benchmark index. In the recent scenario Benchmark index nifty oscillating in the range of 10800 on the lower side and 11200 on the higher side. We are expecting market may stay in this range until and unless we get the breakout on the either side
On Mondays trading session we observer the selling pressure in banking stocks where PSU were underperforming the key benchmark index. In the recent scenario mirroring the key benchmark index bank nifty is oscillating in the range of 26500 on the lower side and 28500 on the higher side. On the lower time frame chart Bank nifty is moving towards norther trajectory, but first line of defense placed near 28625 in the proximity of 200 day moving average. We may expect bank nifty may face strong resistance near 28625.
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