Banking index traded volatile in a range after gap down opening and lost over a half percent - Religare Broking Ltd
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NIFTY
* Nifty traded under pressure and lost over half a percent, in continuation of Thursday’s decline.
* All sectors traded in sync with the benchmark. Realty, metal and pharma were the top losers.
* Breached the crucial support of short term moving average i.e. 50 EMA. Indicates the tone to remain negative in index.
* Mixed trend is intact on the sectoral front. Plan trades accordingly.
BANK NIFTY
* Banking index traded volatile in a range after gap down opening and lost over a half percent.
* Barring ICICI Bank and Axis Bank, all other constituents ended in red. Wherein Indusind Bank, SBIN and HDFC Bank were among the top losers.
* Index failed to sustain above its short term average i.e. 20 DEMA. 43600 remains the crucial support to keep an eye on.
* Suggest limiting positions and wait for clarity over the next directional move.
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