Nifty edged lower and lost over a percent - Religare Broking Ltd
NIFTY
* Nifty edged lower and lost over a percent, pressurized by weakness in the select heavyweights.
* All the key sectors faced the heat wherein realty, energy and auto were among the top losers.
* Nifty has again reached its short term moving average i.e. 20 DEMA and a close below the 21,900 mark would change the bias.
* Traders should thus plan their exit in existing longs accordingly and strictly avoid averaging to the loss-making positions.
BANK NIFTY
* Banking index remained under pressure and selling intensified as the day progressed and closed the session losing over 600 points.
* Selling pressure was widespread across the banking stocks. Wherein ICICI bank, HDFC bank and Indusind bank contributed the maximum.
* It has slipped below its short term moving average ribbon and closed near the days low.
* Going ahead, a breakdown below 45800 zone (100 DEMA) would further deteriorate the trend.
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