Banking index managed to end marginally higher amid volatility - Religare Broking
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Nifty
* Nifty started the week on a subdued note and lost over a half percent.
* Pressure in the IT majors, especially Infosys, was weighing on the sentiment. However, resilience in banking and FMCG majors combined with rebound in energy capped damage.
* Expect consolidation in the index. Focus more on sector/stock selection.
* Volatility to remain high due to earnings. Limit leveraged positions.
Banknifty
* Banking index managed to end marginally higher amid volatility.
* Buying was witnessed across sector however profit taking in HDFC Bank trimmed gains.
* Expect the positive tone to continue amid consolidation. Maintain “buy on dips”
* Eyeing rebound in the select PSU counters as well. Plan accordingly
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