IGI Logo

NIFTY

* Nifty plunged sharply lower on the monthly expiry day and ended with a cut of over a percent.

* Selling pressure was widespread wherein banking & financials lost maximum closely followed by energy and realty counters

* Decline has again pushed the Nifty index closer to the lower band of the prevailing consolidation range i.e. 17750 levels.

* We reiterate our view to prefer hedged positions and suggest adding a few shorts too

Technical Chart : Intraday

BANKNIFTY

* Banking index shed over two and a half percent and engulfed the gains of the last two weeks.

* Sharp cut was witnessed across the board wherein the PSU banking index lost 3.5% showing more pressure in the PSU pack.

* Closing indicates more pain ahead. A breakdown below 41,400 add to the confirmation.

* We advise aligning positions accordingly and avoid adding to the losing trades.

Technical Chart : Intraday

To Read Complete Report & Disclaimer Click Here

Please refer disclaimer at https://www.religareonline.com/disclaimer

SEBI Registration number is INZ000174330

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer