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NIFTY

* Nifty remained under pressure on Monday and lost over half a percent, tracking weak cues.

* After the flat start, the Nifty drifted gradually lower as the session progressed and eventually settled near the day’s low at 23,382.60 level; down by 0.70%.

* Indications are pointing towards more pressure in the Nifty index with immediate base around 23150-23250 zone and its break may result in fresh fall.

* We thus recommend continuing with “sell on rise” in the Nifty and maintaining stock-specific approach based on the sectoral performance, while maintaining strict risk and position management.

BANKNIFTY

* The Banking Index extended its corrective phase for the fourth consecutive session, with the 20 DEMA acting as a strong near-term resistance level.

* Despite opening on a positive note, persistent selling pressure throughout the session drove the index lower.

* All constituent of the index closed in negative territory, with Union Bank and PNB emerging as the top laggards.

* Immediate resistance is placed at 54,350, while critical support is seen near 52,700.

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