Nifty trading below 200 DMA. Selling pressure to continue further.

Nifty first broken down 11300 and then 200 dma at 11268. Now today its trading below 11200 spot level. All these factors indicating that at macro level economy growth is slowing down and may take some quarters time to revival.
Next crucial supports for bulls are at 11175 and 11100.
Banking related stocks likely to face more selling pressure from current levels. As far as possible, reduce long exposure. Traders can initiate fresh short sell positions on bounces.
Suryadev Bandari
Research Analyst

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