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Nifty Bank Outlook - (29877)

Post a gap up opening on last Monday, the BankNifty traded with high volatility for the rest of the week and ended with weekly gains of more than 3 percent. During the week, the recent gap area at 29776-29420 acted as a support as we again witnessed buying interest from this zone. The Private sector index heavyweights have witnessed good outperformance in the recent up move and most of them still continue to show strength on the charts. This indicates that the near term trend continues to be positive, and hence, traders should look for buying opportunities within this space. Last week's low of 29470 followed by 29200 (38.2% retracement of the recent up move) are the immediate supports for the index. On the flip side, the immediate resistance is seen in the range 30700 - 30800 which was tested twice during the week.

in Futures & Options by (4.1k points)
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