Nifty plunged sharply lower and lost over one percent amid the prevailing corrective phase - Religare Broking
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Nifty
* Nifty plunged sharply lower and lost over one percent amid the prevailing corrective phase.
* Barring Pharma and IT, all the sectors traded in tandem with the benchmark indices and ended with deep cuts.
* Weak global cues has dented the sentiments.
* A decisive break down below 18,100 in Nifty could intensify the selling.
Banknifty
* Banking index also witnessed a sharp decline and lost over one and a half percent in a volatile trading session.
* It has slipped below its critical support zone of 42,900 and settled below the same.
* The selling pressure was widespread which has dragged the index further lower.
* We suggest traders to stay light and initiate few shorts as well.
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