Nifty swung sharply on both sides and finally shed nearly half a percent - Religare Broking Ltd
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NIFTY
* Nifty swung sharply on both sides and finally shed nearly half a percent.
* Majority of sectors traded in sync with the move wherein FMCG, Banking and Financials were among the top losers.
* Nifty has tested the lower band of the rising channel around 21,960 today. Its break would prompt a further fall to the 21,750-21,600 zone.
* Meanwhile, volatility across sectors is further adding to the traders’ worries. We thus suggest limiting positions and waiting for clarity.
BANK NIFTY
* Banking index witnessed wild swings after an initial uptick, however, selling intensified as the day progressed losing over 400 points.
* Private banking majors faced the heat while mixed trend was seen in PSU Banking stocks.
* Banking index has slipped below its short term moving average of 20 and 50 EMA, forming a bearish candle.
* The current price structure is not favoring bulls and there might be some pain in near term. Thus, one should wait for more clarity.
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