Slipped below 200 EMA, Expect negative tone to continue - Religare Broking
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Nifty
* Nifty plunged sharply lower and lost over one and a half percent. ·
* Continuous decline in the banking heavyweights combined with a further dip in the IT and energy majors were largely weighing on the sentiment.
* Nifty has slipped below the long term moving average (200 EMA) again. Eyeing the 17,250-17,400 zone as the next support
* Maintain “sell on rise” and prefer hedged positions citing the prevailing volatility.
Bank Nifty
* Banking index further drifted lower and lost over one and a half percent.
* In line with the benchmark, the banking index too tested the major support zone of long term moving average (200 EMA).
* All indications are pointing towards further decline. Next crucial support is at 39400 levels
* Pressure could be higher in the PSU pack. Align the positions accordingly.
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