On Tuesdays trading session key benchmark index gave up its efforts to scale up and witnessed a sharp crack around 1.69% percent due to geopolitical tension over crude oil to close below 11000 level. The overall market breadth was negative as all sector indices closed in red. Technically, mainly on daily price chart we get a clear view of nifty index unfolding into symmetrical triangle pattern where we can see a triangle breakdown. Here on we are expecting nifty 50 to fall towards 10600 level if bears manage to surpass this level we may see further escalation towards 10450 level.
In previous trading session Bank Nifty lost 800 points, which was the biggest decline since August 2019 due to the sudden jump in 10 years GOI yield, bonds have compelled rate sensitive sectors to close lower. PSU banks compared to private banks underperformed the bank nifty index. Technically on lower time frame mainly on daily price chart bank nifty is seen unfolding into symmetrical triangle pattern but the triangle seems incomplete. In coming sessions we may see bears take charge move prices towards 26700 level.
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