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NIFTY

* Nifty resumed a corrective tone after the recent breather and lost over a percent.

* All the key sectors settled in the red wherein IT, pharma and FMCG were among the top losers.

* Nifty has slipped below the crucial support zone of the previous swing low i.e. 21,850 level and we are now eyeing 21,500.

* Traders should continue with “sell on rise” approach but avoid aggressive trades citing the upcoming outcome of the US Fed meet.

BANKNIFTY

* Banking index remained volatile in a narrow range and closed lower losing nearly 200 points.

* PSU Banking stocks remained under pressure wherein mixed trend continued among the private banking majors.

* Banking index has formed a Harmonic pattern around its medium term moving average. 100 DEMA.

* Thus we expect an oversold sold bounce in the banking index, provided it successfully holds 46000 zone.

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