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Bear walk continued on dalal street as key benchmark index ended 6.6% lower in previous week following global peers as corona virus cases showed no signs of abating. If we do sectorial analysis auto, IT, and reality were among major losers while pharma sector topped the gainers list followed by FMCG sector. Technically on weekly price chart nifty 50 is trading near the support of 7511 level if bears manage to surpass this level, we may see further fall towards 6800 level while resistance is placed near 9000 level.
Bank index again plunged by 2719 points in previous week and ended lower by 13.62% where private banks were major contributors to loss by slipping 14.72% compared to PSU which were down by 8.01%. Technically, on weekly price chart the bank index managed to close below crucial support of 17519 level in proximity of 78.6% Fibonacci retracement, in upcoming trading sessions if bears manage to lead the rally the first line of defense for bears is placed near 16116 level while the resistance will be placed near 19700 level.
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