Currently bulls are having edge on the market and bears are getting heat. But on yes terday’s trading session profit taking has been observed. Sector specific PSU BANK and REALTY sectors outperformed the key benchmark index whereas MEDIA and PVT BANK were laggards in the market. In the recent chart structure on the lower time frame mainly on the hourly chart it is oscillating in an escalating channel where the first line of support placed near 10450. Also supportingoscillator RSI is taking support of intermediate trend line. We are expecting the movement may continue towards northern trajectory towards 10700
On yesterday’s trading session bank nifty has outperformed the key benchmark index as the outperformance basically derived from the PSU Banks as SBIN leading the show as result came above expectation. Mismatch trade setup has been seen between PST and PSU Banks. As depicted in the chart on the lower time frame chart mainly on hourly chart double bottom formation has been formation is in process if bulls manage to take out the 25900 pattern will confirm and it may escalate the move towards northern trajectory. Intermediate support placed near 25400.
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