Nifty traded under pressure and lost over half a percent - Religare Broking Ltd
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NIFTY
* Nifty traded under pressure and lost over half a percent, in continuation to the prevailing corrective tone.
* Most sectors traded in sync and ended in the red wherein pharma, financials and FMCG were among the top losers.
* Indications are pointing towards the possibility of retesting 19,300 in Nifty again.
* Traders should align their positions accordingly and focus more on risk management.
BANK NIFTY
* Banking index slipped below the crucial support at 44500 and lost over half a percent.
* The pressure in the private banking majors like ICICI Bank, HDFC Bank and Indusind Bank was weighing on the sentiment.
* The next support is at 43850, which coincides with the support zone of 50 EMA.
* Trade in sync with the trend while keeping a check on position size.
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