Banknifty extended its decline for third consecutive session and plunged lower over one and half percent - Religare Broking Ltd
NIFTY
* Nifty extended loss for the second consecutive session and shed over half a percent.
* Most sectors faced the heat wherein banking and auto were the top losers
* It tested the short term moving i.e. 20 EMA and also retraced almost fifty percent of the recent up move.
* Recommend staying stock-specific with a focus on risk management.
BANKNIFTY
* Banknifty extended its decline for third consecutive session and plunged lower over one and half percent.
* Decline was widespread across the banking constituents. ICICI bank, SBIN and Kotak bank were among the top losers.
* The underperformance likely to continue. 44200 remains the key support which coincides with its 100 DEMA.
* Suggest limiting positions and focus on risk management.
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