Nifty Extends Correction, Drops 1.5%, Continues Downward Trend - Religare Broking Ltd
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Nifty
* NIFTY extended its corrective phase, declining by nearly one and a half percent, continuing the existing downward trend.
* Major sectoral outlook: realty, metal, and auto stocks among the biggest losers.
* Nifty gradually drifted lower, retesting its critical support at the 200-day exponential moving average (DEMA) for the first time in nearly five months.
* Traders are advised to monitor positions closely and maintain a hedged strategy.
Bank Nifty
* After Banknifty failed to sustain 100 EMA levels, panic selling on the last weekly expiry of the index was seen, closing negative around 2.09%.
* Faced multiple resistance at 61.8% of Fibonacci retracement.
* Follow-on selling was witnessed touching the 200 EMA downside, i.e., the 50000 mark.
* A fresh downside is more likely if the index breaks below the 50000 mark.
* Traders are recommended to stay with a sell-on bounce stance below 51000 and continue focusing risk management over volatility.
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