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NIFTY

* Nifty started the week on a feeble note and lost nearly one and a half percent.

* The selling pressure was widespread wherein metal and realty were among the top losers.

* On the index front, we are now eyeing 19,200 as the next crucial support.

* We reiterate our view to limit trades and prefer hedged positions.

BANKNIFTY

* Banking index witnessed selling pressure in the last hour of the session and finally settled lower losing over 550 points.

* Selling pressure was widespread across the banking stocks. Wherein HDFC Bank, Kotak Bank and SBIN contributed the maximum.

* Breached the support zone of 43400 and has slipped below its long term average i.e. 200 DEMA.

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

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