Banking index continues to underperform the benchmark index and finally settled lower - Religare Broking Ltd
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NIFTY
* Nifty started the week on a volatile note and ended almost unchanged.
* Mixed trend was witnessed on the sectoral front. IT, FMCG and media edged higher while metal, realty and financials ended in the red.
* Respected 50 EMA after penetrating the previous swing low at 19,300. Expect a pause.
* Stay focused on trade management amid mixed signals and wait for clarity.
BANK NIFTY
* Banking index continues to underperform the benchmark index and finally settled lower.
* Mixed trend was witnessed among the constituents. ICICI Bank, Axis Bank and Kotak Bank were top gainers while SBI, HDFC Bank and Indusind Bank capped the upside.
* Index rebounded from the support zone of 44800, which coincides with 100 EMA. However, the major hurdle is placed at 44500 zone.
* Suggest limiting positions and wait for clarity over the next directional move.
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