Nifty extended decline for the third successive session and lost over half a percent - Religare Broking Ltd
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NIFTY
* Nifty extended decline for the third successive session and lost over half a percent, in continuation to the prevailing corrective move.
* Mixed trend on the sectoral front kept the traders occupied wherein FMCG, Pharma and Energy posted modest gains while IT, Realty and Metal ended in the red.
* We reiterate our view to Nifty to find support around the 22,000-22,150 zone and are likely to face a hurdle around 22,350 first.
* Amid all, certain pockets are still showing noticeable resilience and participants should align their longs accordingly.
BANK NIFTY
* Banking index extended losses for the third straight day and closed down over half a percent .
* Barring HDFC Bank, all other banking majors ended on a negative note wherein INDUSINDBK and PNB remained top losers.
* The index has formed a small-bodied Doji candle near the retracement level of previous rally, which may give a breather to the on-going sell off.
* Thus, immediate support of 47300 should offer cushion in the near term whereas 47900 would act as intermediate hurdle.
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