Nifty edged lower and lost over half a percent, in continuation to the prevailing trend - Religare Broking Ltd
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NIFTY
* Nifty edged lower and lost over half a percent, in continuation to the prevailing trend.
* Mixed trend on the sectoral front kept the traders busy wherein FMCG and IT edged higher while realty, metal and energy lost in the range of 2%-3.5%.
* Nifty has finally slipped below short term moving average i.e. 20 EMA and is likely to witness further decline to the next major support around the 22,150 level.
* Defensive viz. FMCG, IT and pharma are showing resilience, traders should plan their trades accordingly.
BANK NIFTY
* Banking index remained under pressure throughout the day closing near days losing over a percent.
* Selling pressure was wide spread across the board. Wherein ICICI Bank and HDFC Bank contributed the maximum.
* It has slipped below its short term moving average i.e. 20 DEMA.
* Thus, we believe failure to reclaim above the same would lead to extension in the profit taking
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