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Below the Quote on Market Analysis by Mr. Ajit Mishra, SVP- Technical Research Religare Broking Ltd.

Markets started the week with a cut amid mixed cues and lost over half a percent.  After the flat start, Nifty slipped gradually lower and finally settled around the day’s low at 21,616.05 level. Most sectors felt the heat wherein realty, metal, energy and banking were among the top losers. The sharp decline in the broader indices, midcap (-2.57%) and smallcap (-4.04%), further dented the sentiment.

The banking index has retested its long term moving average i.e. 200 DEMA and others are also witnessing profit taking now. It would be difficult for Nifty to hold 21,600 in the prevailing scenario. We thus recommend maintaining shorts as well and using any pause or rebound to reduce longs. 

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