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NIFTY

* Nifty plunged sharply lower for the third successive session and lost nearly one and a half percent.

* All sectors traded in sync and closed in the red wherein auto, metal and banking were among the top losers.

* It has reached closer to the crucial support zone of 18,800 i.e. long term moving average (200 EMA).

* Suggest continuing with the “sell on rise” approach and reiterate our preference for index majors over others.

BANKNIFTY

* Banking index extended its decline for third straight session and finally settled lower losing over a percent.

* Barring Axis Bank, all other private banking majors ended in red. Where HDFC Bank, Kotak Bank and ICICI lost the maximum.

* Chart pattern indicates the prevailing bias to extend. Maintain a “sell on rise” approach.

* Trade in sync with the trend while keeping a check on position size and risk management.

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