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Nifty

* Nifty plunged sharply lower today and lost nearly 6%, erasing the gains of the last four months.

* All the key sectors, barring FMCG, were beaten down badly wherein PSUs, energy and metal were among the top losers.

* After the sharp decline, we expect choppiness to continue so participants should limit their trades and wait for some stability.

* Traders can ultilse this opportunity to accumulate quality stocks that are available at good bargains

Bank Nifty

* Banking index plunged sharply lower on the election result day and closed lower losing over 4000 points or 4 percent.

* Selling pressure was wide spread across the banking stocks. Wherein ICICI Bank, HDFC Bank and SBIN remained the top losers.

* It has tested its long term moving average i.e. 200 DEMA, placed around 46300 zone.

* Traders should limit the position and wait for some stability in the market.

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