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Yesterday’s
banknifty achieved target of 25300 made a low of 25250. As predicted by us in our last POST
“BANKnifty will trade negative towards 25300”and exactly same happened and is expected to continue negative move towards 25000..!!
NIFTY follow the Key Resistance @ 10590-10600 it can
slip back to Support @ 10420,10375; intermediate bounce back possible if
sustains above 10600
The
benchmark indices ended lower on Wednesday taking cues from its key Asian
peers.Massive sell-off in banking sector stocks
pulled the key Indian equity indices lower and
heavy selling pressure was
witnessed in banking, healthcare and automobile stocks.
Nifty maintain 10590-10600
zone makes it a Strong Resistance & as long as it holds below this it is
likely to remain under pressure. 55 days EMA is near 10585 levels. Support is
seen at 10420 below which it can extend downside till 10300/10250 levels. A
decisive breakout above 10600 is required for a bounce back till 10660 / 10755
levels from where it can slip lower again, until then is it likely to remain
under pressure.