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The key benchmark index saw a positive trading session on the first day of the week where it gained 47 points for the day landing on a green zone. Sector specific REALTY and METAL sectors outperformed the key benchmark index whereas MEDIA and PSU Bank sectors were laggards in the market. If we look at the current chart structure Nifty has taken an intermediate trend line support near the level of 11550 and bounced back to the level of 11650. Till the time the trend line is not surpassed on the downside we may observe Nifty to range of 11800 on higher side and 11550 on lower side.
Reflecting the key benchmark index Bank Nifty also saw a positive day where the bulls took over the index and pushed Bank Nifty upwards to surpass the level of 30000 gaining 166 points for the day. Technically as depicted in the chart intermediate trend line support placed near 29500. If bears manage to take out the 29500 mark then only we may see the further escalation towards 29000 mark. Higher time frame charts mainly on monthly suggest bullish momentum may continue. So every dip should be capitalized as buying opportunity.
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