Though key benchmark index Nifty looks strong on the charts, it witnessed a pullback towards 11,640 last week. However, the ongoing pullback is limited until 11,600, which is placed in the proximity escalating channel where the intermediate trend line is placed. We expect indices may trade in a tight range between 11,600 (on the south) and 11,800 (on the north). Traders are advised to go for a directional view on indices and one should look for stock-specific action.We are of the opinion that the Bank Nifty is heading for 27,700-mark. In August series, we observed underperformance in Bank Nifty as compared to the key benchmark index.
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