IGI Logo

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.

Please refer disclaimer at https://www.religareonline.com/disclaimer

SEBI Registration number is INZ000174330