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Nifty

* Nifty edged lower and lost nearly half a percent, in continuation to the previous session’s fall.

* Majority of sectors aligned with the benchmark move. IT, FMCG and auto were among top losers.

* Indications are pointing towards a further slide but downside seems capped.

* Focus more on position management and prefer sectors/stocks showing higher relative strength.

Banknifty

* Banking index showed some resilience and managed to end flat amid volatility.

* Axis Bank, IndusInd Bank and ICICI Bank traded firm while SBIN and Kotak Bank inched lower.

* Trading closer to short term moving average i.e. 20 EMA support zone.

* Suggest limiting positions and preferring hedged trades.

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