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The Nifty and Sensex continued to be under pressure today and ended up in the red. The Nifty fell 104 points, to 18181 and the Sensex fell 371 points,to 61560. Among industry indices, Bank Nifty fell 205 points to 43698, Nifty IT fell 273 points to 27942 and Nifty Realty plunged 6.30 points down to 465. Responding to weak global sentiment, domestic investors remained cautious as the US market grappled with recession concerns amid recent economic data that pointed to a slowdown. US retail sales for April reflected a slowdown in demand and ongoing debt ceiling negotiations further dampened market sentiment Nifty and Bank Nifty witnessed fall for the second consecutive day. However, both the benchmark indices were seen recovering towards the end of the trading session. Nifty has reversed its upside from 78.6% fibonacci retracement and has finally closed below its 10DEMA for the first time in the last 15 days implying the profit booking may continue till it does not close above 18325 levels. Bank Nifty has reversed after attempting the fresh lifetime high level of 44200 but has managed to close above its 10DEMA of 43500. The index is expected to witness incremental pressure once it closes below this level. Till then Bank Nifty is expected to trade in the 43500-44200 range.
Resistance: 17400, 17500, 17600
Support: 17300,
17200, 17100
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