Banking index traded lackluster in a narrow range and closed unchanged - Religare Broking Ltd
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NIFTY
* Nifty remained range bound for the second consecutive session and ended almost unchanged.
* A mixed trend on the sectoral front kept the traders occupied wherein realty and metal posted decent gains while FMCG and pharma settled marginally lower.
* A decisive close above short term moving average i.e. 20 EMA, is needed to ease the pressure.
* We reiterate our view to stay stockspecific and keep a check on leveraged trades.
BANK NIFTY
* Banking index traded lackluster in a narrow range and closed unchanged.
* Mixed trend was witnessed among the participants. Wherein HDFC Bank, SBIN, Bank Baroda and PNB were among the top gainers. While Axisbank, Indusind Bank and ICICI Bank remained subdued.
* Closed around its short term average .i.e. 20 DEMA. Sustenance above 44550 would extend the up move towards 45100.
* Trade in sync with the trend while keeping a check on position size and risk management.
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