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Profit taking continue on the higher level. Earning season starts soon and domestic event like election may cause volatility in market. BANKS and FIN SERVICE sector were laggards in the market, where as RALTY and PHARMA were outperformed. In the recent scenario Key benchmark index Nifty is trading in a range 11800 on higher side and 11550 on lower side. If bears manage to break 11550 mark then we may see the further escalation towards 11450. Traders are advice to rather going for a directional view on the indices one should go for a stock specific action.
Profit taking on the banking counter were clearly visible in the market. PSU were laggards as compare to PVT Banks. 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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