Banking index too plunged lower amid global sell-off and lost almost two and a half percent - Religare Broking Ltd
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NIFTY
* Nifty plunged sharply and lost over 2.5%, pressurized by weak global cues.
* All the key sectors edged lower wherein realty, metal and energy were the top losers.
* We may see volatile swings to continue with the bias on the negative side, citing the multiple global headwinds.
* We are eyeing the 23,250-23,400 zone as key support in Nifty, while the 24,500-24,700 zone will act as a resistance in the event of any rebound.
* Traders should align their positions accordingly and prefer a hedged approach.
BANKNIFTY
* Banking index too plunged lower amid global sell-off and lost almost two and a half percent.
* All the banking stocks ended in red wherein HDFC bank, PNB and SBIN contributed the most.
* The index registered a breakdown after consolidating in a range while slipping below its important averages.
* Given today’s price action, we may see further pressure on the index and thus traders should align their positions accordingly.
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