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NIFTY

* Nifty traded under pressure on the weekly expiry day and lost nearly a percent.

* Most sectors traded in sync with the move wherein FMCG, banking and financials were among the worst hit.

* It is placed near the crucial support zone of short term moving average i.e. 20 DEMA. And, a decisive close below 21,600 would again push the bulls on the back foot.

* We thus suggest hedging the existing longs and waiting for clarity

BANK NIFTY

* Banking index remained under pressure throughout the day and closed near the days low losing over 800 points.

* Selling pressure was widespread across the private banking majors. Wherein ICICI bank, Kotakbank and Axisbank lost over 3 percent each.

* It has slipped below its long term moving average i.e. 100 DEMA suggests weakness to continue.

* Going ahead we are eyeing 44600 levels which coincides with its previous swing low.

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