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NIFTY

* Markets remained under pressure, extending their corrective phase with a loss of over a percent.

* All major sectors, except IT, succumbed to the pressure, with realty, auto, and FMCG among the top losers.

* The overall bias will remain negative below 25,600 level.

* Traders should adjust their positions accordingly and consider adopting a hedged approach.

BANKNIFTY

* Banknifty opened on lower edge & traded lackluster, with some buying interest at initial followed with profit taking sharply and closed low with 75 Basis point loss

* Follow-on selling in private space dented index with HDFCBANK and ICICIBANK contributing the most,

* Banknifty closing below its 61.8% Fibonacci levels of its previous trend witnessing negations at higher levels with liquidation

* Traders are advised to stick to “sell on bounce” strategy below 51800-52000 Zones

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