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As per the current chart structure if we observe the lower time frame chart mainly the hourly chart Nifty is consolidation in a tight range of 11300 on the upside and 11100 on the down side since past 3 trading sessions. It has created a triangular pattern formation and gave a breakout of the same in the last hour of Thursday’s trading session but the resistance level of 11300 was broken in Friday’s trading session and Nifty surged up 11407. The next resistance level for the bulls is now placed near 11550 which is near the level of 61.8 percent Fibonacci extension mark of previous fall. Intermediate support is placed near 11350 level.
When we perceive the lower time frame chart of Bank Nifty primarily the hourly chart Bank Nifty is consolidated into a falling channel. While observing the price chart we can see the index has taken a trend line resistance at multiple points and gave a negative rally from the top. In Friday’s trading session Bank Nifty managed to cross the trend line as well as the supporting indicator RSI showed a range shift towards north on previous day which indicates early signal of bull move which confirmed when Bank Nifty crossed the resistance of 28900. The next level for bulls is placed near 29800.
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