Banking index traded under pressure and lost over a percent, in sync with the benchmark index - Religare Broking Ltd
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NIFTY
* Nifty traded under pressure and lost over a percent amid feeble global cues.
* Decline was widespread wherein metal, auto and energy were among the top losers.
* Closed below the crucial support of short term moving average i.e. 20 EMA after five months but respected the trend line.
* Reduce aggressive longs and wait for clarity. Keep a close watch on the US markets for cues.
BANK NIFTY
* Banking index traded under pressure and lost over a percent, in sync with the benchmark index.
* All constituents, barring AU Bank, ended in red. SBI, Axis Bank and Kotak bank were among the top loser.
* Index extended its underperformance and closed below its short term average i.e. 20 EMA. Now 44400 would be next critical support to watch out for.
* Suggest limiting positions and wait for clarity over the next directional move.
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