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NIFTY

* Nifty extended its decline and lost over half a percent amid mixed signals.

* Most sectors traded in sync wherein financials, IT and realty were the top losers.

* Breached lower band i.e. 19,200 of the broadening formation. Next crucial support at 200 EMA i.e. 18,830 levels.

* Traders should align their positions accordingly and prefer index majors over others.

BANKNIFTY

* Banking index traded in sync with the index and lost over half a percent.

* Majority traded under pressure wherein ICICI Bank, HDFC Bank and Axis Bank were among top losers.

* Expect the prevailing tone to continue. Maintain a “sell on rise” approach.

* Among the counters, HDFC Bank, Kotak Bank, SBIN and ICICI Bank can be considered for short positions.

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