Banknifty opened gap down and remained volatile to settle with a loss over a percent - Religare Broking Ltd
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NIFTY
* Nifty started the week with a cut over half a percent, in continuation prevailing corrective phase
* Most sectors traded in sync wherein PSU Bank, Media and Metal were among the top losers.
* Its reversed finding resistance around its short term moving average .i.e 20 DEMA.
* Participants should align their trades accordingly and focus more on risk management.
BANKNIFTY
* Banknifty opened gap down and remained volatile to settle with a loss over a percent.
* All banking majors ended in red. HDFC Bank, ICICI Bank and Kotak bank contributed the maximum.
* Struggling around its support zone of 43800, failure to hold would attract fresh selling pressure.
* Reiterate our view to limit trades and focus on risk management.
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