IGI Logo

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.

Please refer disclaimer at https://www.religareonline.com/disclaimer

SEBI Registration number is INZ000174330