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Observing yesterday’s trading session the key benchmark index gave flat closing. The overall market breath was neutral, as majority of indices closed in negative, where PSU bank was major underperformer while Realty and FMGC outperformed the key index. Technically nifty is folding into symmetrical triangle pattern. The hopes for bull is placed near 11300 level in proximity of 200 days exponential moving average. For the coming trading sessions 11300 would act as crucial level for bears to stay in power or else bulls may take a charge and escalate towards northern territory.
We are at opinion that bank nifty is continuously under selling pressure from last 3 trading sessions on daily price chart. Yesterday PSU banks and private banks gave negative closing but PSU Banks were major under performers. On technical front we have observed weakness in bank index as it also surpassed intermediate trend line support of 30200 level. There is more space left for correction in the index, if bears manage to surpass 29078 level we may see further fall towards 200 day exponential moving average which is placed near proximity of 28770 level.
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