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The key benchmark index performed poorly in last week’s trading session as FII were major sellers in equity market. Overall market breath indicate weaker as all sector indices closed negatively but Auto sector and Private banks were major laggard among others. Technically nifty smartly covered the gap which was created on 20th may near 11400, On lower time frame chart, mainly oh hourly indicates market is overly sold, so we are expecting a sharp pull back in coming days. Traders are advice to book profits on short position. Strong support placed near 11300 mark.
Bank nifty has a tendency to show similar view as key benchmark index nifty. It saw a selling pressure as the Bank nifty closed in red with 660 negative basis points in last trading session. PSU bank and Private Banks both index were under performers. Technically in current chart structure negative setup is observed on hourly price chart, bank nifty broke the support placed near 30130 level and the gap created on 20th may is not yet filled so there is more room for correction in bank nifty. Now the crucial support is placed near 29550 level.
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