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The Nifty Midcap 100 index which was seen outperforming in the early part of the week is witnessing heavy offloading in the past two trading sessionsIt has been a volatile truncated week as the benchmark indices have been dancing to the tune of global equity indices. However, the Nifty is stuck in a narrow trading range between 10400 to 10600 levels for the past seven days.
The pain point has been the bank Nifty as the index is showing sheer weakness amid the Punjab National Bankfraud which not only dragged the Bank Nifty lower but also dampened the sentiment across the street.
The Nifty Midcap 100 index which was seen outperforming in the early part of the week is witnessing heavy offloading in the past two trading sessions.Going forward, it is crucial that Nifty manages to break either of the 10400 or 10600 levels before we could see any specific direction being established.
Bank Nifty, on the other hand, is looking weak, especially the PSU bank index, which has given a fresh breakdown. Bank Nifty has created a bearish engulfing pattern on the daily chart on Wednesday.
A crack below Wednesday’s low of 25212 would lead to the fresh downside for the Bank Nifty up to 25000 psychological levels while on the upside 25700-25750 is crucial resistance.
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