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NIFTY

* Nifty remained volatile for yet another session and lost nearly half a percent.

* Mostly sectors continued with a negative tone. Realty, pharma and financials were among the top losers.

* Expect respite in the index after the recent slide but the upside seems capped. Fresh weakness in broader indices may add to worries.

* Recommend focusing more on trade management and maintaining positions on both sides.

BANKNIFTY

* Banking index underperformed on its weekly expiry day and lost nearly a percent.

* All heavyweights, barring HDFC Bank, ended in the red wherein sharp cuts in the Axis Bank and SBIN kept the tone negative.

* Breached the trendline support and slipped below the 100 EMA as well.

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

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