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NIFTY

* Nifty traded under pressure and lost over a percent, tracking feeble global cues.

* All sectors faced the heat wherein Pharma, FMCG and Banking were among the top losers.

* Nifty has been facing resistance around the 22,700-22,800 zone. We are eyeing the 22,350-22,500 zone to offer a cushion in case profit-taking extends.

* Apart from the global cues, the reaction of the IT majors to TCS numbers would set the tone on Monday.

BANKNIFTY

* Banking index opened lower and remained under pressure as the day progressed losing nearly a percent.

* All banking major closed in red wherein HDFC Bank and Axis Bank remained top losers.

* A breather after recent surge. Seeing intermediate support of rising trendline placed at 48300 zone in the near term, with resistance at 49,000.

* In the present scenario, traders should avoid aggressive longs and prefer a hedged approach.

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