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Technical Set Up
Nifty index took support around Wednesday’s low of 12087 and rebounded to form a positive candle on daily chart. The benchmark indices snaps its losing streak of last three sessions and took support around the 50 EMA on daily chart. It moved within the trading territory of penultimate session and thus formed an Inside Bar pattern on daily scale. Momentum oscillator RSI is also taking support around its recent swing lows of 44 – 46 zone and turned northwards. Going forward, if Nifty holds above 12100 levels, then an up move towards 12250 and 12300 cannot be ruled out. However, major support remains intact at 12100 and 12050 levels.
BANK NIFTY Daily
Bank Nifty formed an Inside Bar on daily scale as it traded in the range of the previous day session. It managed to hold its crucial support of 30800 levels and bounce towards 31000 zones. Index finally took a pause after eight trading sessions and showed outperformance against the benchmark indices. Now, major support of banking index is placed in the zone of 30600 – 30800 and till the time it sustains above the same, we may see a pull-back move towards 31400 - 31500 zones.
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