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The key benchmark Index Nifty marched downwards in last trading session as majority sectors underperformed where metal sector and realty sector were most negative among others except PSU Banks and FMGC were the sectors that outperformed. As mentioned in earlier report. Rising wedge pattern gave a breakdown as well as bearish engulfing pattern was formed on daily price chart. We are expecting aggressive bear’s movement in upcoming week where the defense line in south is placed near 11700 and resistance is placed near 12100.
Bank Nifty has witnessed volatility on account of budget FY19-20 but managed to close on positive basis of 370 points on weekly price chart. From last two weeks Bank Nifty has managed to end up in positive territory by breaking resistance of 78.6 percentage on Fibonacci retracement. Now the first line of defense in north is placed near 31800 approx. which is life time high whereas support is placed near 30400 approx. PSU Banks benefitted with budget announcement while Private Banks closed in red.
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