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As per the current chart structure if we observe the lower time frame chart mainly the hourly chart Nifty is consolidation in a tight range of 11300 on the upside and 11100 on the down side since past 3 trading sessions. It has created a triangular pattern formation and gave a breakout of the same in the last hour of today’s trading session. But if the level on which the key benchmark index gave a close is the previous resistance zone which is near the level of 11300. If Bulls manage to surpass the level of 11300 and are able to sustain the same mark then only we may see the further escalation towards north.
When we perceive the lower time frame chart of Bank Nifty primarily the hourly chart Bank Nifty is consolidated into a falling channel. While observing the price chart we can see the trend line which is placed on the each spot where the index has taken a resistance and gave a negative rally from the top. In today’s trading session bank Nifty managed to cross the trend line but only managed to close below that. Nevertheless supporting indicator RSI shows a range shift towards north which indicates early signal of bull move which will be confirmed if Bank Nifty crosses the resistance of 29800.
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