Nifty started the week with a cut amid mixed cues and lost over half a percent - Religare Broking Ltd
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NIFTY
* Nifty started the week with a cut amid mixed cues and lost over half a percent.
* Most sectors felt the heat wherein realty, metal, energy and banking were among the top losers.
* The banking index has retested its long term moving average i.e. 200 DEMA and others are also witnessing profit taking now.
* We thus recommend maintaining shorts as well and using any pause or rebound to reduce longs.
BANK NIFTY
* Banking index remained under pressure throughout the day and closed lower losing over one and half percent.
* Selling pressure was widespread across the banking sector. Wherein ICICI Bank, HDFC band and SBIN lost the most.
* It has tested its long term moving average i.e. 200 DEMA which also coincides with 61.8% retracement levels.
* Thus going ahead decisive breakdown below 44600 zone would further deteriorate the trend.
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