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The key benchmark index performed negatively with 90 basis points in previous trading session. The overall sectorial analysis states negative closing in all sectors except financial services and Media sector which were the outperformers. On technical front Nifty was seen moving in upward moving channel on smaller time frame. It is very crucial support for to acknowledge as bears were seen testing the first line of defense and if they managed to break level of 11582 further downward escalation will be witnessed.
Observing last trading session benchmark index closed forming red candle with 304 basis points. PSU Banks and Private Banks both gave negative indication though PSU banks were major underperformers as compared to private banks. As mentioned earlier technically bank nifty is moving in range bound movement. In tug of war between bulls & bears if bears managed to cross 30334 level further escalation towards south can be witnessed and if bulls managed to cross 30870 level positive movement is to be expected in bank nifty.
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