IGI Logo

NIFTY

* Nifty plunged sharply on Wednesday and lost over 2%, tracking feeble cues.

* All key sectors, barring IT, surrendered to the fall wherein banking, metal and auto were among the top losers.

* The close indicates more pain ahead and the index can gradually inch towards the 21,200-21,450 zone.

* We thus suggest reducing existing longs on the bounce and looking for shorting opportunities as well.

https://vid.investmentguruindia.com/report/2024/2024-Graph/Graph 18.01.2024____1.jpg

BANKNIFTY

* Banking index opened gap down on the back of HDFC Bank and closed near days low losing over four percent.

* All banking stocks ended in red. Wherein HDFC bank, Kotakbank and ICICI bank lost the most.

* It has registered a breakdown from Head and Shoulder pattern and closed below short term moving averages.

* Thus participants should align their trades accordingly and focus on risk management.

Please refer disclaimer at https://www.religareonline.com/disclaimer

SEBI Registration number is INZ000174330