A mixed trend across the private banking majors is capping the upside - Religare Broking
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NIFTY
* Nifty traded dull and lost nearly half a percent, tracking weak global cues.
* Most sectors traded in tandem wherein IT, media and metal lost the maximum.
* It may take a few more sessions to resume the trend. Meanwhile, focus on managing the existing longs.
* Auto and IT majors are offering a good opportunity to accumulate. Avoid pharma.
BANKNIFTY
* Banking also remained range bound and lost nearly half a percent.
* Interestingly, the PSU banking pack continue to attract buying interest and posted decent gains.
* A mixed trend across the private banking majors is capping the upside.
* A decline below 42,900 may change the tone and trigger further consolidation.
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