Nifty traded under pressure and lost nearly a percent, in continuation to the prevailing consolidation phase - Religare Broking Ltd
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NIFTY
* Nifty traded under pressure and lost nearly a percent, in continuation to the prevailing consolidation phase.
* The decline was widespread wherein FMCG, metal and banking were among the top losers.
* It engulfed the gains of the last three sessions and may slip further towards the support zone of 21200-21300 levels.
* Traders should keep a check on aggressive longs and accumulate quality stocks on dips.
BANKNIFTY
* Banking index remained under pressure throughout the day and closed near days low losing near one and half percent.
* Selling pressure was widespread across the banking names. Wherin HDFC bank, ICICI bank and SBI contributed the maximum.
* It has closed below short term moving average after good amount of time.
* Sustainability below 47350 zone could attract further selling pressure 47000-46650 in the near term.
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