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NIFTY

* Nifty resumed the corrective tone and shed over one and a half percent.

* All key sectors, barring pharma, ended lower wherein realty, metal and energy were among the worst hit.

* The pace of decline shows more pain ahead and the 20,800-21,000 zone may offer some support.

* We thus recommend keeping a check on leveraged positions and maintaining shorts too.

BANK NIFTY

* Banking index opened higher but selling pressure intensified as the day progressed and closed losing over two percent.

* Except ICICI Bank, all other banking stocks end in red. Wherein HDFC Bank, SBIN and Indusin bank lost the most.

* It has closed below 50% retracement line and 100 DEMA suggests weakness to continue.

* Going ahead we are eyeing 44600 zone which coincides with its long term moving average 200 EMA.

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