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The key benchmark index performed positively with 74 basis points in previous trading session. The overall sectorial analysis states positive closing in all sectors except IT sectors and Media sector which were the only underperformers while realty and pharma sectors were major outperformers. On technical front nifty was seen moving in upward moving channel on bigger time frame. The bulls were seen testing the resistance which was placed near 11660 that is 38.2% on Fibonacci retracement level, further escalation up to 11722 will be seen if bulls managed to break resistance.
Observing last trading session benchmark index closed forming green candle with 124 basis points. PSU Banks and Private Banks both gave positive indication though PSU banks were outperformer as compared to private banks. Technically bank nifty is stirring in upward moving channel as well as on daily price chart bullish harami pattern was formed indicating bulls are taking charge. The first line of defense for bulls is placed 30700 level while support for index is placed near 30340 level. Rather going for directional view on bank nifty one should look for stock specific action.
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