Nifty plunged lower and shed over a percent, in continuation to the prevailing corrective phase - Religare Broking
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Nifty
* Nifty plunged lower and shed over a percent, in continuation to the prevailing corrective phase.
* Pressure in the banking and financials dented sentiment which further deteriorated with the decline in IT, metal, and realty.
* A close below 17800 could trigger a next leg of a down move in Nifty.
* Prudent to limit positions and prefer a hedged approach citing prevailing choppiness across sectors.
Banknifty
* Banking traded in sync with the benchmark index and lost over one percent.
* The PSU banking index slipped below short-term MA i.e. 20 EMA due to a sharp cut in the PSU banking majors.
* Going ahead, the 41100-41500 zone would act as a crucial support .
* Keep the positions aligned with the trend and avoid averaging loss-making trading positions.
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