Banking index drifted further lower and settled with a cut of nearly one percent - Religare Broking
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Nifty
* Nifty extended the negative tone for yet another session and lost nearly half a percent.
* Most sectors traded in sync with the move and ended lower wherein banking, financials and realty were among the top losers.
* Nifty has the next crucial support at the 16,800 mark while 17,200-17,300 would act as a hurdle.
* Maintain “sell on rise” until we see a sign of reversal.
Bank Nifty
* Banking index drifted further lower and settled with a cut of nearly one percent.
* Selling pressure was widespread. HDFC Bank, ICICI Bank and SBI were top losers.
* Charts indicate more pain. Breakdown of major support in select private banks.
* Support zone around 38000-38450. Align positions according to the trend.
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