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Looking at current scenario the key benchmark index nifty is moving in correction scenario. The overall market breath was week, if we take a look at sector specific nifty financial service and bank nifty were major underperformers while nifty metal and nifty media outperformed key bench mark index. Technically we observe strong reversal signal as crucial support is placed near proximity of 11300 level which is 38.2% of Fibonacci retracement as well backed by Fibonacci extension of 1.38 %. If bears manage to surpass 11300 level we may notice further escalation towards 11050 level.
We are at opinion that bank nifty is continuously under selling pressure from last 10 trading sessions. Yesterday PSU banks and private banks gave negative closing but Private Banks were major under performers. On technical front initially bank nifty was moving in upward channel on daily price chart the crucial line of defense for bears was placed near 29556 level. In yesterday’s trading session bears managed to cross the crucial support further falling to 29194 level. We are expecting bank nifty to take next support near 28916 which is 38.2% on Fibonacci retracement.
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