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NIFTY

Nifty resumed the corrective tone after a day of a breather and lost nearly one and a half percent.

All the key sectors, barring auto, faced the heat wherein energy, metal and realty were among the top losers.

Nifty has breached the lower band of the rising channel and also the support of short term moving average i.e. 50 DEMA around 22,150 levels.

Traders should align the positions accordingly and maintain focus on stock selection.

BANK NIFTY

The selling pressure intensified in the banking index as the day progressed and finally closed the session losing over a percent.

Barring SBIN almost all other major banking stocks ended in red. Wherein HDFC Bank and Indusind Bank lost over 2 percent each. 

We are now eyeing 47000 in the banking index which coincides with its long term moving average i.e. 100 DEMA.

We advise traders to stay light and limit the overnight risk.

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