Nifty edged lower and lost over half a percent, in continuation to the prevailing trend - Religare Broking Ltd
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
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
Please refer disclaimer at https://www.religareonline.com/disclaimer
SEBI Registration number is INZ000174330
More News
Nifty has an immediate support placed at 24400 and on a decisive close below expect a fall t...
