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The key benchmark index nifty is trading in between broader price range post-election result day [May 23] when index moved in range of 11450 to 12090. After budget announcement nifty gave up its efforts to scale up and witnessed a sharp crack around 258 points in last week. FMGC sector and private banks closed in negative while rest sectors saw positive movement, metal and realty sectors were major gainers. Overall market breath seemed week. Technically on daily price chart resistance for nifty is placed near 11660 which is Fibonacci retracement of 38.2 percentage and support is placed near 11514.
First week after budget Bank nifty gave negative performance of 874 basis points on weekly over view. The benchmark index saw a major selling pressure irrespective of government’s initiative taken for banking sector. In last trading session we observed PSU banks managed to outperform while private banks were underperformers. On weekly price chart bank nifty was consolidated in tight range of 30200 to 31700 oscillating in a symmetrical triangle pattern, breakout on either side will decide a trend for upcoming week.
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