Banking index plunged sharply lower and settled with a cut of nearly one percent - Religare Broking
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Nifty
* Nifty extended losses for the third consecutive day and shed over half a percent.
* Most sectors, barring FMCG and Energy, traded in tandem and ended in the red.
* Indications a repointing toward the decline to continue. Align the positions accordingly.
* Keep a close watch on global markets, especially the US, for cues.
Banknifty
* Banking index plunged sharply lower and settled with a cut of nearly one percent.
* Slipped below its crucial support zone of short-term moving i.e. (50 EMA) on the daily chart and settled below the same.
* The PSU pack is showing resilience so far while private counters are inching gradually lower.
* Decline below 41500 could deteriorate the mood further. Do maintain shorts.
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