On expiry market witnessed a sharp crack down of around 1.25 percent. The overall market breadth was negative as all sectors closed in red with media & PSU banks as being top losers compared to rest. Technically, as mentioned in earlier reports, mainly on hourly price chart we get a clear view of nifty index unfolding into symmetrical triangle pattern where we can see a triangle breakdown. Here on we are expecting nifty 50 to fall towards 10600 level if bears manage to surpass this level we may see further escalation towards 10450 level.
Bank index extended declines on Thursday after the U.S. Federal Reserve signaled a higher bar to further easing, while the Bank of Japan also held off from offering more stimulus. PSU banks were major losers compared to private banks. Technically as mentioned earlier on lower time frame mainly on daily price chart bank nifty is seen trading in downward trend where the previous resistance acts as current support. In last session bears managed to exceed support to close near 26750 here on we may see further escalation towards 26550 level.
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