Meghana Malkan believes Bank Nifty is undergoing a correction, with pressure from bears and support levels at 44,800 to 45,000. Particularly, HDFC Bank is experiencing a major decline. Candlestick patterns on weekly charts indicate pressure on PSU banks and private sector banks. In terms of trends, IT and pharma sectors are considered safe during market corrections. Sun Pharma shows a long-term breakout opportunity, while Lupin has broken previous resistance levels.
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