Banking index also witnessed fall and shed over half a percent - Religare Broking Ltd
NIFTY
* Resumed a negative tone and lost nearly a percent on the monthly expiry day.
* Decline was widespread on the sectoral front. IT and FMCG were among the top losers.
* Failed to reclaim 19750. Expect pressure to continue. Major support at 19200.
* Participants should align their trades accordingly and focus more on risk management.
BANKNIFTY
* Banking index also witnessed fall and shed over half a percent.
* All heavyweights, barring Axis Bank, closed in the red. HDFC Bank, Kotak Bank and Indusind Bank were the top losers.
* Retested the medium term moving average i.e. 100 EMA. Trading closer to the trend line support.
* Expect tone to remain bearish. Stay
stock-specific.
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