Profit taking was broad-based as both PSU and private banking slipped lower - Religare Broking
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Nifty
* Nifty lost nearly one and a half percent in a volatile session, tracking weak global cues.
* The selling pressure was widespread. IT, metal and banking were among the top losers.
* Almost engulfed the gains of the last 3 sessions. Set to retest the major support around 18,300.
* We suggest restricting leveraged positions and maintaining few shorts also.
Banknifty
* Banking index also plunged sharply lower and lost over a percent.
* Profit taking was broad-based as both PSU and private banking slipped lower.
* Decline below 42,900 would further add to the pressure.
* We advise booking some profits and waiting for clarity.
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