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NIFTY

* Nifty traded under pressure on the monthly expiry day and lost nearly a percent, in continuation to the prevailing tone.

* All the key sectors, barring banking, traded in sync with the move and edged lower wherein metal, IT and pharma were among the top losers.

* A decisive break of 22,400 may fuel a further slide to the 22,000-22,150 zone.

* We suggest aligning the trades accordingly and preferring a hedged approach.

BANK NIFTY

* Banking index outperformed the benchmark index and closed the day on the positive note.

* Mixed trend was witnessed among the banking majors. Wherein ICICI Bank, HDFC Bank and Axis Bank contributed to the move.

* It has rebounded higher finding support around its short term moving average and its previous resistance zone.

* Thus going ahead, till index hold the 48300 zone, an upward momentum towards 49350 zone cannot be rules out.

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