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Nifty

* NIFTY remained under pressure, shedding over a percent, extending the ongoing correction phase.

* Major Sectoral outlook: Most sectors, including auto, FMCG, and metal, faced losses in line with the benchmark indices.

* Nifty previous swing low are around 23800,

* Current signals suggest a potential test of the long-term moving average at the 200 DEMA level, around 23,540

* Participants should adjust their positions accordingly and prioritize selective stock picking.

Bank Nifty

* Banknifty failed to sustain at higher levels, and profit taking throughout the day was seen, closing negative around 1.4%.

* Day closed below 100 EMA, which is not a good sign; bias turned negative.

* Banknifty has formed a bulky bearish engulfing candle; follow-on selling could further extend to the 50,000 mark.

* Exhibits weakness in the trend; a fresh downside is more likely.

* Traders are recommended to stay with negative bias below 51500 and continue selling on bounce below the same for 50000 as the first target.

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