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NIFTY

* Nifty traded under pressure and lost nearly a percent, in continuation to the prevailing corrective phase.

* The pressure was mainly due to the decline in banking and financial heavyweights while IT majors tried to cap the damage.

* Nifty is facing pressure after the failed attempt to surpass the hurdle at 20 DEMA and looks set to retest the support zone at 24,000.

* We suggest keeping a check on the leveraged positions and waiting for clarity.

BANKNIFTY

* Banking index opened lower and witnessed sharp selling pressure as the day progressed to end the session with one and a half percent cut.

*  All the banking majors remained under pressure wherein HDFCBANK and SBIN lost the most.

* The index has closed below its 100 DEMA suggesting the corrective tone to continue.

* Traders are advised to limit their positions and wait for signs of a potential reversal.

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