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NIFTY

* NIFTY continued its downward trend, losing over a percent in an ongoing corrective phase.

* Sectoral outlook - Realty, Metal, and Auto sectors among the worst affected.

* Nifty gradually declined and approached a crucial support level at the 100-day EMA, The outlook suggests further downside.

* We recommend adjusting trades accordingly as the next major support is around 24,000 and advise against adding to losing positions.

BANKNIFTY

* Banknifty witnessed selling pressure at higher levels, forcing the index to close at the lower channel of its consolidation zone.

* ICICIBANK was the sole positive contributor, while all others closed in red.

* Above its 100 EMA, Index is still expected to be in a consolidation range.

* Banknifty initially broke below 51700, i.e., 50 EMA, followed by selling pressure; now crucial support zones are at 51000 mark.

* Traders are recommended to stay cautious and trade on both sides and can add short positions if Banknifty witness breakdown below 51000 mark.

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