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NIFTY

* Nifty came under pressure and closed over a percent lower

* Nifty gradually declined throughout the day, breaking multiple support levels to end at 24,852.15

* With the Nifty slipping below the crucial 20-day exponential moving average (DEMA),

* It is advisable to avoid taking aggressive positions and to apply strict stop losses on existing trades.

BANKNIFTY

* Banking index plunged sharply lower and lost over one and a half percent.

* Selling was widespread across the banking majors wherein PSU banking stocks especially SBIN lead the decline.

* The slide in the index has dented the overall sentiment. Technically on weekly chart, the prices has formed a bearish engulfing pattern near its previous resistance zone which suggests weakness to continue.

* Traders should prefer hedged positions and keep a check on position sizing.

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