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11-11-2024 09:24 AM | Source: Religare Broking Ltd
Banknifty has formed a bearish reversal, and fresh downside can be seen - Religare Broking Ltd

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Nifty

* NIFTY traded lackluster, ending slightly lower as the consolidation phase continued.

* Sector-wise, the trend was mixed, with IT and FMCG showing gains while realty and energy were among the top decliners.

*  A Cautious stance with a hedged approach is advisable until clearer market signals emerge.

*  Meanwhile, investors could use this period to selectively accumulate quality stocks available at attractive valuations.

 

Bank Nifty

* Banknifty failed to sustain the key levels again and closed with a loss of 0.68%.

* Breaking down crucial levels, but the good part is managed to sustain the 100EMA levels.

* Previously, after giving a breakout over 100EMA and rising channel, mild reversal retracement is seen with extended follow-on selling witnessed.

* Banknifty has formed a bearish reversal, and fresh downside can be seen.

* Traders are recommended to stay light in position as weakness is prominent according to oscillators.

 

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