Nifty traded range bound and ended almost unchanged amid mixed cues - Religare Broking Ltd
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NIFTY
* Nifty traded range bound and ended almost unchanged amid mixed cues.
* Majority of sectors ended flat however continued recovery in IT majors saved the day.
* Maintaining a positive tone amid consolidation. Expect the prevailing tone to continue.
* Reiterate our view to look for buying opportunities on dips and avoid contrarian trades.
BANK NIFTY
* Banking also traded volatile in a narrow range and ended on a flat note, in line with the benchmark index.
* Mixed trend was witnessed among the constituents. SBI, Indusind Bank and ICICI Bank were top losers while HDFC Bank, Axis Bank and IDFC First Bank capped the downside.
* Hovering around the critical support zone of short term moving average i.e. 20 EMA.
* Consolidation to continue. Utilise this phase to gradually accumulate private banking majors and stay selective in PSU pack.
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