Banking also traded volatile in a range but ended marginally lower - Religare Broking Ltd
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NIFTY
* Nifty traded volatile in a narrow band and closed marginally higher.
* Tone was mixed on the sectoral front. Metal and Auto ended higher while PSU Bank and FMCG lost nearly a percent each.
* Expect consolidation so focus more on risk management. Prefer sectors that are showing resilience for fresh positions.
* Among the key sectors, NiftyMetal and NiftyAuto looks promising, Utilize intermediate pause or a dip to create longs.
BANK NIFTY
Banking also traded volatile in a range but ended marginally lower.
Most constituents ended in red. SBIN, KotakBank, Axisbank and Indusind bank were among the top losers, while HDFC Bank and ICICI Bank capped the decline.
The consolidation to continue after the recent surge. The overall bias remains positive.
Reiterate our view to prefer private banking majors and suggest staying selective in the PSU pack.
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