Banking index remained volatile in the defined range and finally settled marginally higher by 150 points - Religare Broking Ltd
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NIFTY
*Nifty started the week with an uptick and gained nearly half a percent.
* Tone was mixed on the sectoral front. Metal and IT posted decent gains while auto and banking traded dull.
* Participants shouldn’t read much into intermediate rebound or a pause. Wait for decisive close above 19650 levels or a reversal pattern. ? Meanwhile, continue with stock-specific trading approach and maintain focus on risk management.
BANK NIFTY
* Banking index remained volatile in the defined range and finally settled marginally higher by 150 points.
* Barring HDFC Bank, all private banking major closed higher. Wherein Indusind Bank, Axis Bank and ICICI Bank were top gainers.
* Banking index witnessed some buying interest from the anticipated support zone of 43700. 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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