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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.

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