19-04-2024 09:44 AM | Source: Religare Broking Ltd
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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