All indications are pointing towards further decline. Next crucial support is at 39750 levels- Religare Broking
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NIFTY
* Nifty finally ended a month-long consolidation phase with a breakdown and lost over 1.5%.
* A sharp sell-off in the banking, IT and energy majors soured the sentiment.
* Indications are pointing towards more pain ahead. Eyeing the 17,250-17,400 zone as the next support
* Maintain “sell on rise” and prefer hedged positions citing the prevailing volatility and upcoming events.
Technical Chart : Intraday
BANKNIFTY
* Banking index plunged sharply lower and lost over 3 percent in a volatile trading session.
* It has been underperforming the benchmark mainly due to a short term reversal in private banking majors.
* All indications are pointing towards further decline. Next crucial support is at 39750 levels i.e. 200 EMA.
* Align position according to the trend and maintain strict stop losses in the existing long trades.
Technical Chart : Intraday
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