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NIFTY

* Nifty inched further lower and lost over half a percent, in absence of any favorable cues

* The fall was widespread wherein metal, realty and energy majors felt the maximum heat.

* Indications are pointing towards more pain ahead. However, the major support is intact at 16800.

* Reiterate our view to limit positions and maintain positions on both sides.

BANKNIFTY

* Banking index also witnessed a decline and lost nearly half a percent.

* Inching gradually lower after failed attempt to sustain above critical resistance zone of 40000 level.

* Few private banks like Axis Bank and ICICI Bank are looking comparatively strong. Rest are reeling under pressure.

* Stay selective and prefer hedged positions for overnight trades.

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