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NIFTY

* Nifty extended corrective bias for yet another session and lost over half a percent.

* The majority of sectors traded under pressure wherein banking, financial and IT were among the top losers.

* The recent fall indicates caution among the participants and we expect Nifty to find support around the 22,550 level i.e. 20 EMA.

* We suggest limiting aggressive longs and prefer a hedged approach.

BANK NIFTY

* Banking index opened lower and extended its losses for yet another day to close the day lower by over a percent.

* Mixed trend was witnessed among the banking participants. Wherein Indusind Bank and AU bank closed in green. While ICICI Bank, HDFC Bank and Axis Bank witnessed profit taking.

* Banking index has closed around its short term moving average i.e. 20 DEMA and its previous intermediate resistance zone.

* Failure to hold the support of its short term moving average would propel further profit taking in the index.

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