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Nifty

* NIFTY continued its downward trajectory, shedding over half a percent in line with the prevailing trend.

* Sectorally, realty and IT outperformed, while energy, metals, and FMCG ended in the red.

* Maintain sell on bounce as 23500 levels i.e., 200 DEMA is key resistance upside.

* Traders should maintain caution and adopt a hedged strategy to manage the prevailing market uncertainty.

Bank Nifty

* Banknifty traded dull with volatile moves throughout the day, majorly due to multiple resistance as well as support at the 200EMA downside.

* Day price action has formed a bullish hammer candle but is still under bear grip and closed half a percent down.

* PSU banks have shown a big dent and contributed to maximum loss.

* Expect the banking space to be in a said range of 51000-50000 as a narrow setup.

* While primarily trend suggests the “sell on bounce” below 51000.

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