Banking index opened gap-down and continued to witness selling pressure for the second straight day - Religare Broking Ltd
![](https://portfolio.investmentguruindia.com/uploads/news/religare broking.jpg)
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
NIFTY
* Nifty started the week on a feeble note and lost over a percent, in continuation to Friday’s fall.
* In line with the benchmark, the selling pressure was widespread wherein IT, financials and banking were among the top losers.
* Nifty has slipped below the immediate support of short term moving average i.e. 20 EMA after two days of the slide and is likely to take a breather around the 22,150 level.
* Traders should continue with a hedged approach for now and wait for clarity.
BANKNIFTY
* Banking index opened gap-down and continued to witness selling pressure for the second straight day.
* Selling was widespread across all the major banking stocks wherein ICICIBANK, HDFCBANK and BANKBARODA contributed the most.
* Banking index broke down its intermediate support of rising trendline with formation of a bearish candle.
* Going ahead, support of 20 EMA placed at 47700 level would be crucial for index to consolidate and curb any further decline.
Please refer disclaimer at https://www.religareonline.com/disclaimer
SEBI Registration number is INZ000174330
![](https://portfolio.investmentguruindia.com/uploads/news/Real Estate 25.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/akshay mehrotra.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Raj N, CEO of Zaggle.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Gurjodhpal Singh, CEO, Tide.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Budget2024 07.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Real Estate.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/HSBC_010524.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Budget2024.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Mutual Fund 17.11.2023.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Budget_2.jpg)
Top News
![](https://portfolio.investmentguruindia.com/uploads/news/NarendraModi23Feb.jpg)
PM Narendra Modi to roll out Rs 600cr worth projects in Chhattisgarh to speed up coal evacua...
Tag News
![](https://portfolio.investmentguruindia.com/uploads/news/shrey jain.jpg)
Mid-Market Comment by Mr Shrey Jain, Founder and CEO SAS Online - India`s Deep Discount Broker
![Nifty reacted to the union budget announcements as it dipped towards its psychological base of 24000 but recovered to re-established - Tradebulls Securities Pvt Ltd](https://portfolio.investmentguruindia.com/uploads/news/Tradebulls Securities Ltd.jpg)
![Benchmark index is likely to trade volatile today Index has support at 24250 - 24200 level - Monarch Networth Capital Ltd](https://portfolio.investmentguruindia.com/uploads/news/Monarch networth.jpg)
![The market continued to sustain above daily 10- and 20-day EMA - HDFC Securities](https://portfolio.investmentguruindia.com/uploads/news/HDFC Securities.jpg)
More News
![](https://portfolio.investmentguruindia.com/uploads/news/religare broking.jpg)
Stock of the day : AARTIIND?Ltd For Target Rs. 747 - Religare Broking
![The price action for the week formed a strong bull candle with higher high -low indicating continuation of strong rally post strong breakout above 46360 levels - ICICI Direct](https://portfolio.investmentguruindia.com/uploads/news/icici direct.jpg)
![Daily Market Analysis : The markets experienced volatility and closed nearly unchanged, reflecting mixed cues Says Mr. Ajit Mishra, Religare Broking Ltd](https://portfolio.investmentguruindia.com/uploads/news/Ajit Mishra.jpg)
![Nifty witnessed profit taking and shed nearly a percent, engulfing the gains of the last trading session - Religare Broking Ltd](https://portfolio.investmentguruindia.com/uploads/news/religare broking.jpg)