Nifty needs to sustain above the 24,750 mark for any potential rebound or consolidation - Religare Broking Ltd
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NIFTY
* NIFTY remained under pressure and extended its corrective phase, losing nearly a percent.
* Except for the IT sector all other index ended in red, with energy, metals, and banking being the top laggards.
* Nifty needs to sustain above the 24,750 mark for any potential rebound or consolidation.
* In this scenario, it’s advised to closely monitor leveraged positions and adopt a stock-specific approach, with preference for short trades on bounce.
BANKNIFTY
* Following the prior trend, Banknifty opened flat and closed nearly 2% lower in conclusion to some anticipated staggered selling on every bounce
* Sporadic selling in PSU space and heavy weight HDFCBANK sheds 2%, dragged index, well guided by trend
* Banknifty forming bearish engulfing in monthly time frame washing off all it’s previous monthly gains and closed below 100 EMA forming fresh breakdown.
* Traders as recommended to stick to ‘Sell on bounce” but stay cautious over market volatility to avoid wealth deterioration
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