Banking index opened on positive note, but witnessed selling pressure as the day progressed and lost over half a percent - Religare Broking Ltd
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NIFTY
* Markets traded volatile and ended almost unchanged amid mixed cues.
* A mixed trend continued on the sectoral front wherein metal and realty posted decent gains while energy and banking remained subdued.
* Nifty failed again to reclaim short term moving average i.e. 20 EMA despite positive global cues.
* Reiterate our view to maintain a negative view on the index and stay stock-specific citing the prevailing outperformance of the broader indices.
BANK NIFTY
* Banking index opened on positive note, but witnessed selling pressure as the day progressed and lost over half a percent.
* Barring Axis Bank, all other private banking major closed in red. Wherein ICICI Bank, HDFC Bank, Indusind Bank and Kotak Bank added the pressure.
* Second failed attempt to sustain above its short term average i.e. 20 DEMA. Next key support comes at 43700.
* Suggest limiting positions and focus more on risk management.
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