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Below The Quote on "Bank Nifty Write Up" by Mr. Rajesh Bhosale, Technical Analyst at Angel One Ltd

The key market indices began the day positively, but the overall market didn't gain much traction as the benchmark index Nifty stayed within a narrow intraday range of approximately 50 to 70 points. Eventually, prices saw modest gains of 0.19%, ending a tad below 19350.

Throughout August, the benchmark has experienced a rather uneventful period, and as we approach the end of the month, the trading range is getting tighter. Following a basic principle of technical analysis, a period of low momentum is often succeeded by a period of high momentum. It seems that traders are eagerly anticipating a trigger that will set off this momentum. With the monthly expiry approaching, it's likely that we will witness a day with strong trending movement in the very near term. Taking into account factors such as positive global cues, the resilience displayed by the banking sector, and the outperformance of midcap stocks, our outlook remains optimistic. We anticipate a breakout from the recent congestion, favoring an upward direction. However, for confirmation, prices need to maintain a sustained close above 19400. Once this threshold is crossed, we could expect further levels at 19600 and beyond in the near future. Conversely, the level of 19200 continues to serve as a crucial support. A breach of this level would potentially lead to more weakness, possibly pushing prices down to 19000 and even 18800 in the near term. Given the overall bullish sentiment, if prices do experience extended declines toward the mentioned levels, it should be seen as an opportunity to buy.

Traders are advised to keep a close watch on these specified levels and consider adhering to the recent strategy of purchasing during market dips.

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