Nifty plunged sharply lower on the monthly expiry day and ended with a cut of over a percent - Religare Broking
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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
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