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Nifty

* Nifty opened with a downtick and plunged sharply lower and finally shed nearly one percent.

* Selling pressure was widespread. Decline in the banking and financials was largely weighing on the sentiments.

* Reached closer to the previous swing low i.e. 17,255 again. Expect selling on the rise around the 17500-17600 zone.

* Keep a close watch on the US markets for cues. Meanwhile, align positions accordingly

Banknifty

* Banking index slipped in line the benchmark and shed nearly 2 percent.

* Sharp cut in HDFC Bank, ICICI Bank, SBIN and Axis Bank resulted in underperformance.

* The long term moving average i.e. 200 EMA at 40,050 mark would act as crucial support next.

* Considering the overall situation, we suggest to prefer hedged positions.

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