Nifty witnessed profit taking and shed nearly a percent, engulfing the gains of the last trading session - Religare Broking Ltd
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NIFTY
* Nifty witnessed profit taking and shed nearly a percent, engulfing the gains of the last trading session.
* Majority of sectors closed lower in line with the move wherein metal, realty and energy were among the top losers.
* We may see further dip, with the next crucial support at the 24,150 level i.e. 20 DEMA.
* Traders should refrain from carrying aggressive positions for now and preferred hedged trades.
BANKNIFTY
* Banking index too traded lower but the pace of sell-off was comparatively lower than the benchmark index.
* All the banking majors ended in red wherein AXISBANK and INDUSINDBNK contributed the maximum.
* Going ahead, a dip below 52000 mark could intensify the fall towards 51700 and then 51150.
* Trades should maintain strict stop losses and avoid aggressive longs for now.
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