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In the recent scenario if we look at the overall chart structure the key benchmark index Nifty we saw some consolidation from the level of 11856 which was the new high made till the level of 11575 which was observed in today’s trading session. Nifty has taken halt near the level of 11550 which is in the proximity of 23.6% Fibonacci retracement level of the previous bull move and at the same level the index was tested thrice previously. If the bears manage to cross the level of 11550 on the south then only we may see the further escalation towards 11300 which will be the intermediate trend line support for the index.
Reflecting the key benchmark index Bank Nifty also saw a bearish trading session where the bears took over the index and pushed Bank Nifty towards south to breach the level of 29500 falling by 208 points for the day. Technically as depicted in the chart intermediate trend line support placed near 29250. If bears manage to take out the 29250 mark then only we may see the further escalation towards 29150 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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