Nifty extended decline and ended in red amid mixed global cues - Religare Broking
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Nifty
* Nifty extended decline and ended in red amid mixed global cues.
* All the sectors fizzled under pressure wherein auto, metal and realty were among the top losers.
* The overall tone would remain bearish until the Nifty reclaims 18,500.
* Existence of support around 18,000-18,100 zone may result in a breather.
Banknifty
* Banking index also inched lower and settled with a cut of nearly half a percent.
* Reached closer to the crucial support zone of short term MA i.e. 50 EMA on the daily chart around 42150 levels.
* Chart structure indicates the decline to continue. Crucial support at 41,900.
* Avoid buying or averaging the loss-making trading positions, especially in PSU banking counters.
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