Banking index made a new record high in early trades but profit taking pushed the index lower - Religare Broking
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Nifty
* Nifty edged lower and lost over half a percent amid mixed cues.
* Profit taking was witnessed across the board. Auto, financials and banking were among the top losers.
* Nifty may witness a further dip however the downside seems capped.
* We reiterate our view to accumulate quality stocks during the consolidation phase till Nifty upholds 18,050.
Banknifty
* Banking index made a new record high in early trades but profit taking pushed the index lower.
* Mixed trend was witnessed among the heavyweights. PSU pack managed to end in green.
* Consolidation expected in line with the benchmark but the tone would remain positive.
* Use any dip to add private banking majors in a staggered manner.
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