Expect sideways tone after the recent dip. Stick with stock-specific approach - Religare Broking
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Nifty
* Nifty started the week on a subdued note and lost over half a percent.
* Continuous pressure in the banking and financials combined with a downtick in the energy majors kept the tone negative.
* Eyeing more pain in banking pack ahead however IT, Auto and FMCG may cap the damage.
* Critical to hold 18700 else pressure would increase in Nifty.
Bank Nifty
* Banking index plunged sharply lower and lost over a percent.
* Initial rebound towards medium term MA i.e. 100 EMA attracted selling.
* Decline was widespread as both PSUs and private banking lost over 1 percent each.
* Indications are pointing toward negative tone to continue. Next major support is at 40000 levels.
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