Nifty remained lackluster and closed flat, taking a pause after Tuesday`s decline - Religare Broking Ltd
NIFTY
* Nifty remained lackluster and closed flat, taking a pause after Tuesday’s decline.
* Sector-wise, metal and pharma stocks were the top losers, while resilience in the IT sector helped limit the overall decline .
* An intermediate recovery in the US markets is providing some relief, but ongoing pressure in select heavyweight stocks across sectors is limiting the recovery.
* We recommend maintaining a cautious stance and adopting a hedged approach.
BANKNIFTY
* Banking index traded in tandem with the benchmark and closed flat in a dull session.
* Mixed trend witnessed among the heavyweights. HDFC Bank and SBIN ended in the green while pressure continued in ICICI Bank and Axis Bank.
* The recent move indicates the prevailing tone to continue until it reclaims 50,500 level.
* Traders are advised to limit positions and align trades according to the trend.
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