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Nifty

* Nifty plunged lower and lost ~1.5%, after spending nearly a week in a narrow range.

* The selling pressure was widespread wherein metal, realty and energy lost over 5% each.

* Nifty has slipped below its immediate support of short term moving average i.e. 20 DEMA and also breached the trendline support.

* We suggest maintaining negative bias in the index now and utilizing rebound to create short positions.

Bank Nifty

* Banking index remained under pressure throughout the day and ended lower for forth consecutive sessions in a row.

* Mixed trend continued among the private banking majors. Wherein ICICI Bank and Kotak Bank capped the downside. While Axis Bank and Indusind Bank remained under pressure.

* PSU banks underperformed Private banking index significantly, losing over 4 percent.

* Index has closed around its short term moving average i.e. 20 DEMA, sustenance below the same would further deteriorate the trend.

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