The near term support for the market lies at 40993/12029 and the resistance at 41270/12100.
Expect the markets to consolidate in this range with a negative bias. A sustained close below the lower end of the trading range will push the markets closer to 40520/11900 levels.
Continue to remain short on the NIFTY while looking at stock-specific longs.
Aggressive traders can short the BANKNIFTY as well - however, as always, all short positions should be inline with your MTM capacity & Risk Appetite.
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