Banking index outperformed the benchmark index for yet another session and closed marginally lower - Religare Broking Ltd
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NIFTY
* Nifty witnessed profit taking on Friday and shed over a percent, tracking weak cues.
* Decline was widespread wherein IT pack faced the maximum heat, followed by FMCG and energy majors.
* Expect consolidation so focus more on risk management. Prefer sectors that are showing resilience for fresh positions.
* Among the key sectors, banking and financials still looks promising while the crack in the IT pack has delayed its reversal. Plan accordingly.
BANK NIFTY
* Banking index outperformed the benchmark index for yet another session and closed marginally lower.
* Trend was mixed among the heavyweights. ICICI Bank, SBIN and Kotak Bank traded strong while HDFC Bank, Axis Bank and IndusInd Bank capped the gains.
* Expect some consolidation after the recent surge. Overall bias would remain positive.
* Reiterate our preference for private banks and suggest staying selective in the PSU pack.
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