Banking index traded volatile in line with the benchmark and settled marginally in the green - Religare Broking
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NIFTY
* Nifty ended marginally higher amid volatility, taking a breather after Friday’s fall
* Only a handful of index majors contributed to the rebound while the broader indices continue to reel under pressure.
* Expect the negative tone to continue until Nifty reclaims 18000 decisively or forms a reversal pattern
* In present scenario, it is prudent to restrict positions and prefer a hedged approach.
Technical Chart : Intraday
BANKNIFTY
* Banking index traded volatile in line with the benchmark and settled marginally in the green.
* Slipped below the major support zone of 200 EMA on the daily chart for brief but managed to reclaim by the end.
* Both, PSU and private banking, participated in the move wherein the PSU banking index gained nearly a percent.
* Strong hurdle intact at 41100-41600 zone so plan your positions accordingly
Technical Chart : Intraday
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