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Below is quote on Daily Market Analysis by Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets plunged sharply on Wednesday and lost nearly 2%, tracking feeble cues.  Pressure in the private banking majors post HDFC bank’s number combined with weak global cues was weighing on the sentiment. All key sectors, barring IT, surrendered to the fall wherein banking, metal and auto were among the top losers. Surprisingly, the broader indices managed to outperform the benchmark and shed nearly a percent each.

Nifty has engulfed the gains of the last four sessions but somehow managed to hold the support zone of the short term moving average (20 EMA).  The close indicates more pain ahead and can gradually inch towards the 21,200-21,450 zone. We thus suggest reducing existing longs on the bounce and looking for shorting opportunities as well. 

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