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Nifty

* Nifty extended losses for yet another session and settled with a cut of over half a percent.

* Selling pressure in index majors from IT, banking and energy pack pushed the index to a newer low

* Tested the lower band of the declining channel around 17,000. Expect some breather.

* In case of a rebound, 17250-17350 zone would act as strong hurdle. Limit positions.

Banknifty

* Banking index ended marginally lower amid volatility, in continuation to prevailing trend.

* Breached the budget day low i.e. 39400 intraday but managed to settle above the same.

* Mixed trend was witnessed across the private banking names while PSUs remain on backfoot.

* Utilize rebound to reduce longs around the resistance zone and wait for clarity

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