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Nifty has been trading in a downward sloping channel on the weekly chart. Any close above 14800 would result in a bullish breakout for the medium-term and in that case, Nifty could march towards new all-time highs.

April 27, 2021 / 07:18 AM IST
 
 
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Nifty50 has been consolidating in a narrow range of 14296 to 14617 for the last eight consecutive sessions. This is the fourth consecutive week of consolidation in the Nifty.

Markets have been directionless in the recent past. Indicators and oscillators have also been showing signs of consolidation till now.

However, looking at the short-term chart of BankNifty, it seems that banks could outperform in the days to come. BankNifty has confirmed the higher top and higher bottom formation on the daily chart, while Nifty is yet to form the same.

Oscillators also indicate the dominance of BankNifty over Nifty. BankNifty has surpassed the previous swing closing high of 32,112 on the daily chart.