Banking index continued to trade in the narrow range for third consecutive session and underperformed the benchmark index - Religare Broking Ltd
NIFTY
* Nifty traded volatile and ended marginally higher, in continuation to the prevailing recovery phase.
* The tone was mixed on the sectoral front wherein FMCG and pharma rebounded swiftly while realty and metal ended lower.
* Lacking decisiveness due to the prevailing underperformance of the banking pack, which holds considerable weight.
* We thus reiterate to stay focused on stock selection and avoid going overboard.
BANKNIFTY
* Banking index continued to trade in the narrow range for third consecutive session and underperformed the benchmark index.
* Barring HDFC Bank and AU Bank all banking majors ended in red. ICICI Bank, Axis Bank, SBI and Indusind Bank were among the top losers.
* Seeing consolidation within 43700- 44800. Either side break would trigger next directional move.
* Meanwhile, stay selective and focus on risk management.
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