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Sensex (39951) / Nifty (11966)
The Nifty index opened on a positive note yesterday and corrected marginally from the opening ticks in the first hour of the trade. However, the index rallied higher from the 11900 mark to test the 12000 level during the day. It eventually ended the day near the opening levels.
Post testing the ’20 DEMA’ support of 11770, the index has seen a pullback move in last three trading sessions. One of the symmetry in these three session have been observed that the index has opened on a positive note and post intraday moves on both the sides, there has been formation of ’doji’ candlestick in these three days. We believe that the index is undergoing a timewise correction within an uptrend and hence, traders need to trade with a stock-specific approach. In the coming session, 12030-12050 will be seen as immediate resistance as there is a confluence of key retracement levels in this zone. Since the index has resisted around this zone in the recent past as well, it needs to sustain above the same with broader market participation for a continuation of the uptrend. On the flipside, 11870 followed by 11770 are the key near term supports.
Nifty Bank Outlook - (31266)
Post opening on a positive note, the Nifty Bank index corrected marginally in the opening hour. However, the index recovered from the lows and rallied higher in the rest of the session to end the day with gains of three-fourths of a percent.
In last three sessions, the index has managed to recover from its lows of 30627. The private sector as well as the beaten down PSU Banking names witnessed pullback move from its lows yesterday. For the coming session, it would be crucial to watch out the resistance zone around 31500 as there is a confluence of retracement levels around it. The index needs to sustain above the same for a resumption of the broader degree uptrend. The near term support for the index is placed in the range of 31080- 30970.
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