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The Indian equity markets have been on a selling spree extending its losing streak for the third consecutive week. The sharp fall could be attributed to rising crude oil prices, weakening rupee and escalating trade war tensions between the US & China.
The PSU banks led the decline in markets. The fall was seen after the Finance Minister earlier in the week announced the merger of three banks namely Bank of Baroda, Vijaya Bank, and Dena Bank.
The Nifty has witnessed unabated selling pressure as the index broke down from a bearish Head and shoulder pattern on the daily chart, which is not a good sign for the bulls.
If the pattern unfolds the way it should, then the Nifty is likely to decline towards the potential target of 11,100 levels in the near term.
However, going forward, given the speed and the extent of fall, a small rebound cannot be ruled out up to 11,400 levels once again. For the entire bearish pattern to get negated, Nifty has to surpass the right shoulder’s peak of 11,603 levels.
The Bank Nifty is approaching the long-term 200-DEMA of 26,150 which is a crucial support for the index. In addition, our weekly chart analysis indicates that the Bank Nifty is approaching its falling trendline support zone which is placed at 26,280-26,300 zone.
If the index manages to hold above the same, then a meaningful bounce back cannot be ruled out even in the Bank Nifty.
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