THE INDEX HAS CLOSED BELOW A VERY STRONG SUPPORT AREA AROUND 10600 LEVEL. IT IS LOOKING IN A OVERSOLD ZONE BUT STILL WE FIND NO SIGN OF RECOVERY OR REVERSAL. WE ARE OF THE OPINION THAT UNLESS AND UNTIL THE INDEX CONSOLIDATES AND MOVES BEYOND 10600 LEVEL TRADERS MUST AVOID EXPOSURE TO BANKING STOCKS. ON THE DOWNSIDE THE IMMEDIATE SUPPORT IS PLACED AROUND 10200 LEVEL. AS OF NOW BEARS ARE HAVING CLEAR UPPER HAND.
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