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In the recent scenario Key benchmark index Nifty is trading in a range 11800 on higher side and 11550 on lower side. If bears manage to break 11550 mark then we may see the further escalation towards 11450. Traders are advice to rather going for a directional view on the indices one should go for a stock specific action. If we look at the current chart structure Nifty has taken an intermediate trend line support near the level of 11550 and bounced back to the level of 11650. Till the time the trend line is not surpassed on the downside we may observe Nifty to range between the levels mentioned above.
As mentioned in the earlier report Bank Nifty took an intermediate support near the level of 29640 which is in the proximity of 23.6% Fibonacci retracement level and bounced back from that mark. Technically as depicted in the chart intermediate trend line support placed near 29500. If bears manage to take out the 29500 mark then only we may see the further escalation towards 29000 mark. Higher time frame charts mainly on monthly suggest bullish momentum may continue. So every dip should be capitalized as buying opportunity.
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