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Following global cue Indian market opened on flat to positive note and gain the momentum and mange to land in positive territory. Sector specific PSU Bank and FMCG were outperforming the key benchmark index, whereas AUTO and PHARMA were laggards in the market.in the recent scenario on the lower time frame chart key benchmark index oscillating in a escalating channel where it took the resistance of channels overhead resistance as well as 50% Fibonacci retracement of the previous fall. Traders are advice to wait for the further confirmation for the next leg of up move
Yesterday’s trading session Bank nifty outperformed the key benchmark index. Rally is mainly driven by PSU banks whereas PVT Bank were the laggards. As depicted in the chart on the lower time frame chart bank nifty is oscillating in the horizontal consolidation where the overhead resistance placed near 30900 in the proximity of 38.2% Fibonacci retracement of the previous fall. Firs line of defense placed near 30900 if bulls manage to takeout the mentioned level then only we may see the further escalation towards 31500 mark.
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