Global cues will continue to dictate the trend - Religare Broking
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Nifty
* Nifty edged further lower and lost nearly a percent, extending the corrective move.
* Most sectoral indices traded in tandem wherein realty, pharma and IT lost the maximum.
* Global cues will continue to dictate the trend, in absence of any major event.
* Next support exists around the 18,000-18,100 zone. Maintain shorts.
Banknifty
* Banking index also inched lower and settled with a cut of over half a percent.
* Tested the crucial support of 20 EMA on the daily chart around 43,100 levels.
* Expect pressure to deepen below 42,900.
* Seeing more pressure in the PSU pack. Prefer private banks for accumulation.
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