Nifty consolidated in a range and ended marginally higher - Religare Broking
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NIFTY
Nifty consolidated in a range and ended marginally higher.
Sectoral indices traded mixed wherein realty and pharma edged higher while banking and auto traded dull.
It has reached closer to the resistance of 19,650, needs participation from banking to surpass the same.
Maintain caution in stock selection citing overbought indications, especially in midcap and smallcap space.
BANK NIFTY
* Banking index traded lackluster in a narrow range yet another day and finally settled marginally lower.
* Mixed trend was witnessed among the banking majors. Kotak Bank and Indusind Bank were among the top contributors. Wherein HDFC Bank, SBI and AU Bank remained subdued.
* It has close above its short term average for second consecutive day. However, 44800 remains the strong hurdle.
* We suggest staying selective, as within the pack the trend is still subdued
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